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China Gas Information
According to the dow Jones Seoul on September 19,), South Korea's state oil company (KNOC) chief executive, said the company plans to begin in the next year in ulsan investment of 1.6 trillion won ($1.4 billion) construction of oil storage and trade center.
KNOC newly appointed chairman and CEO Suh Moon - kyu Tuesday in an interview with the Wall Street journal, said the center for companies will be a very important project, is located in the southeastern South Korea ulsan a coastal city, the geography position is very superior, can receive from Canada and the United States and other countries import oil.
Suh said: "foreign oil giants and trade company has sure will use the center."
He said, the British petroleum company BP, the Netherlands fullpower company, Russia Gazprom Neft and the bank of China has expressed an interest to invest in the project.
The center will include two terminal, total storage capacity of 28.4 million barrels, including 9.9 million barrels of oil product storage terminal and 18.5 million barrels of crude oil storage terminal. The oil product tank will be completed in 2016.