Korea close to approving Yeosu oil storage project

South Korea’s Ministry of Knowledge and Economy (MKE) is close to approving a project by Oiltanking-KNOC Yeosu Co. (OKYC), a joint venture of Korea National Oil Co. (KNOC), Glencore International, SK Energy Co. Ltd. and GS Caltex Corp. The project involves building storage tanks with a total capacity of nine million barrels. Of the total, 30% will be used for clean products such as gasoline and naphtha, and the rest for crude and dirty products, including fuel oil. Hyundai Engineering and Construction Co. will start building the tanks this October, for completion by September 2013. KNOC did not disclose the cost of construction. (August 20, 2010)