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South Korea Trade and Energy Minister Yoon Sang-jick

South Korea has announced  plans to construct the world’s fourth largest oil hub to become a major oil trading post with a total capacity of 56.6 million bbl.

Two additional facilities will be finished in 2020, which have a combined capacity of up to 28.4 million barrels of oil, according to the Ministry of Trade, Industry and Energy.

South Korea hopes to have a total capacity of 56.6 million bbl.

This would put the country 4.6 million bbl above Singapore’s capacity.

The trade and energy minister Yoon Sang-jick said the country will invest $1.8 billion in securing the oil storage terminals.