• Airways
  • Railway
  • Roadways
  • Shipping & Port
Transport Advancement
  • Home
  • News
  • Projects
    Stockholm Metro Expansion

    Stockholm Metro Expansion Backed by €2B EIB Funding

    Highways England unveils plans to widen A12

    Highways England unveils plans to widen A12

    African Development Bank, Africa50 in Landmark Bridge Project Linking Kinshasa and Brazzaville

    Geely Holding to Cooperate with China Aerospace Science and Industry Corporation on Developing Technologies Including Supersonic Trains

    AECOM to provide site supervision services for Malaysia’s East Coast Rail Link project

    Talgo obtains €30 million from the European Investment Bank for Innovation projects

    U.S. Department of Transportation Advances Rail Projects in Florida and Texas

    World premiere of the Mercedes-AMG Project ONE: Mercedes-AMG brings Formula 1 technology to the road

    One of the world’s longest electric car highways will be built in Australia

  • Articles
  • Press Statements
  • Market Reports
    Bonded Zones and Mega

    Bonded Zones and Mega Terminals Playing Part Regionally

    Heavy Duty Vehicle Electrification Driving Transportation

    Heavy-Duty Vehicle Electrification Driving Transportation

    European Rail Freights

    2025-2029 European Rail Freight Transportation Market View

    Intelligent Transportation

    Intelligent Transportation System Market – 2032 Growth Story

    MaaS

    Mobility as a Service – MaaS Set To Witness A Global Demand

    Transportation growth in Tourism

    On-Demand Transportation Throttles Growth in Tourism

    Achieving Global Retail Expansion And Sustained Growth

    Shifting Sourcing strategies with Maersk, Bose & Infineon – Reuters Events

    Austal signs agreement to buy BSE Maritime Solutions

    Austal signs agreement to buy BSE Maritime Solutions

  • Events
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Projects
    Stockholm Metro Expansion

    Stockholm Metro Expansion Backed by €2B EIB Funding

    Highways England unveils plans to widen A12

    Highways England unveils plans to widen A12

    African Development Bank, Africa50 in Landmark Bridge Project Linking Kinshasa and Brazzaville

    Geely Holding to Cooperate with China Aerospace Science and Industry Corporation on Developing Technologies Including Supersonic Trains

    AECOM to provide site supervision services for Malaysia’s East Coast Rail Link project

    Talgo obtains €30 million from the European Investment Bank for Innovation projects

    U.S. Department of Transportation Advances Rail Projects in Florida and Texas

    World premiere of the Mercedes-AMG Project ONE: Mercedes-AMG brings Formula 1 technology to the road

    One of the world’s longest electric car highways will be built in Australia

  • Articles
  • Press Statements
  • Market Reports
    Bonded Zones and Mega

    Bonded Zones and Mega Terminals Playing Part Regionally

    Heavy Duty Vehicle Electrification Driving Transportation

    Heavy-Duty Vehicle Electrification Driving Transportation

    European Rail Freights

    2025-2029 European Rail Freight Transportation Market View

    Intelligent Transportation

    Intelligent Transportation System Market – 2032 Growth Story

    MaaS

    Mobility as a Service – MaaS Set To Witness A Global Demand

    Transportation growth in Tourism

    On-Demand Transportation Throttles Growth in Tourism

    Achieving Global Retail Expansion And Sustained Growth

    Shifting Sourcing strategies with Maersk, Bose & Infineon – Reuters Events

    Austal signs agreement to buy BSE Maritime Solutions

    Austal signs agreement to buy BSE Maritime Solutions

  • Events
  • Contact Us
No Result
View All Result
Transport Advancement
No Result
View All Result
Home News

UPA signs agreement to create alternative marine fuel supply chain

15th August 2024
in News, Shipping & Port
FuelTrust unveils AI-powered Bunker Insights application

Note* - All images used are for editorial and illustrative purposes only and may not originate from the original news provider or associated company.

0
SHARES
14
VIEWS
Share on FacebookShare on Twitter

Ulsan Port Authority (UPA) has announced that it signed an equity investment agreement worth US$17.6 million with Hyundai Oil Terminal Corporation on 1 August 2024, to establish Korea’s alternative marine fuel supply chain centered on Ulsan Port.

The investment is a follow-up to the ‘Plan to Establish an Alternative Marine Fuel Supply Chain’ announced at the government’s emergency economic ministerial meeting in November 2023, with UPA taking the lead to strengthen the competitiveness of Korea’s ports by expanding storage tanks dedicated to alternative marine fuels, such as green methanol.

Through this agreement, UPA will participate in the terminal business, prioritizing the use of 100,000㎘ of the tank terminal’s storage facilities. In addition, UPA will seek to establish green shipping corridors to activate the supply of alternative marine fuel to domestic and foreign energy companies and global shipping lines.

At the same time, Hyundai Oil Terminal, with UPA’s contribution, is implementing a new terminal investment project worth nearly KRW 300 billion (US$219 million). The project will see storage facilities at Ulsan’s New Port expand by 380,000㎘, with the first phase being the storage of chemicals and oils, including eco-friendly fuels such as green methanol and ethanol. It is anticipated that the first phase will be in commercial operation during the first half of 2026.

Upon completion of the terminal expansion, Ulsan port’s annual cargo volume will increase to approximately 2.5 million ㎘ per year with environmental energy cargo volumes expected to make up 800,000 ㎘ per year.

UPA President Kim Jae-gyun said, “This investment is part of UPA’s efforts to create an alternative marine fuel supply chain to fulfill the government’s policy. The agreement also marks the first time that UPA has acquired a direct stake in a tank terminal and its operations.

“We will be operating eco-friendly ships based at Ulsan Port, contributing to decarbonization and creating new growth engines for Korea’s shipping and port industry by establishing green shipping corridors between Korea and the U.S” said Kim Jae-gyun.

This latest announcement follows June’s MoU between UPA and Hyundai Oil Terminal providing a strategic collaboration to supply alternative marine fuel in Ulsan Port.

Previous Post

Ulsan Port Authority and Hyundai Oil Terminal sign US$17.6 million investment deal

Next Post

Network Rail invests £4.5 million to safeguard Cumbrian coast line

Related Posts

Iraq Railway Project
News

Iraq Railway Project Gets $930M Boost for Trade, Jobs

4th July 2025
China Airlines Airbus Deal
Airways

China Airlines & Airbus Deal Boosts Asia-Pacific Expansion

4th July 2025
Dubai Tests Joby Aerial
News

Dubai Tests Joby Aerial Taxi in Urban Mobility Milestone

4th July 2025
Bonded Zones and Mega
Airways

Bonded Zones and Mega Terminals Playing Part Regionally

25th June 2025
Multimodal Integration
Asia Pacific

Multimodal Integration Defining Modern Logistics Pathway

25th June 2025
Advanced Signalling Systems for Turkey Station by Hitachi
News

Advanced Signalling Systems for Turkey Station by Hitachi

24th June 2025
Next Post
Hytera, Kazakhstan Temir Zholy, BT Signal to Co-develop Railway Communication Systems

Network Rail invests £4.5 million to safeguard Cumbrian coast line

Latest Post

China Airlines Airbus Deal
Airways

China Airlines & Airbus Deal Boosts Asia-Pacific Expansion

4th July 2025
Transforming Air Travel
Airways

Transforming Air Travel: Passenger Terminal of 2030 Vision

26th June 2025
Designing the Future
Airways

Designing the Future Terminal for Smart Operations

26th June 2025
Cybersecurity in Terminal
Airways

Cybersecurity in Terminal Environments: A Rising Priority

25th June 2025
Bonded Zones and Mega
Airways

Bonded Zones and Mega Terminals Playing Part Regionally

25th June 2025
Digital Twins and Predictive
Airways

Digital Twins and Predictive Management in Terminals

25th June 2025
Transport Advancement

About Us

Transport Advancement is a leading information centric website for latest updates within the industry. We cover Railway, Road Traffic, Airways, Shipping & Port and run with an objective to provide knowledge driven content to our readers and subscribers in various forms like news, projects, upcoming events.

Subscribe Us

Resources

  • Advertise with us
  • Contact Us
  • Newsletter Archive
  • Download Mediapack
  • Newsletter Subscription

System

  • Search
  • Site map
  • RSS Feed
  • Airways
  • Railway
  • Roadways
  • Shipping & Port

© 2022 Copyright Value Media Services 2022 All rights reserved.

No Result
View All Result
  • Home
  • News
  • Projects
  • Articles
  • Press Statements
  • Market Reports
  • Events
  • Contact Us

© 2022 Copyright Value Media Services 2022 All rights reserved.