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Network & Regions

Ulsan & Yeosu, South Korea

Northeast Asia's oil hub. We arrange bonded storage, blending and freight in the Ulsan and Yeosu terminals.

Refinery and tank farm on a Korean industrial coast with tankers in the bay

Ulsan is South Korea's largest liquid bulk port and the centre of the government's Northeast Asia oil hub plan, run by KNOC and the Ulsan Port Authority. Yeosu, on the south coast, is the base of GS Caltex's refining complex and a second bonded blending centre.

Both ports host KNOC strategic reserves and joint stockpiles held with Middle East producers. We source bonded tankage, plan blending for export, fix freight and appoint inspectors.

24.3M bblPlanned Ulsan energy hub storage
146M bblKNOC storage across nine bases
157M tUlsan liquid cargo in 2022, 29% of Korea's total
270,000 m³Korea Energy Terminal oil tankage (2024)

Blending in bonded areas

Korea Customs Service treats the Ulsan and Yeosu tank terminals as comprehensive bonded areas, where transshipped products can be blended and re-exported. Since 2017 blended product can also be sold locally through importers, and since 2024 refiners receive an immediate duty refund on exports from bonded areas.

  • Bonded crude and product tankage
  • Blending for export markets
  • Crude and product freight
  • Independent inspection at each transfer

The Ulsan hub

The first phase at Ulsan North Port added 8.3 million barrels across six berths from 2024, and the South Port phase plans 16 million barrels of crude storage. Platts assesses delivered marine fuel at Busan and Ulsan.

Frequently asked questions

Can traders blend in Korean bonded tanks?

Yes. Ulsan and Yeosu bonded areas allow blending for export, and local sale through importers.

What is KNOC joint stockpiling?

KNOC leases strategic tankage to foreign national oil companies and keeps a priority right to the oil in an emergency.

Ulsan or Yeosu?

Ulsan is the main hub with the largest new tankage. Yeosu is the GS Caltex refining and blending base.

UlsanYeosuSouth KoreaKNOCBonded blendingNortheast Asia

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Long-term storage, rotation and stock-ticket records for emergency and compulsory oil stocks.

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Blending & Additization

In-tank and inline blending and additive injection, verified by ASTM testing before release.

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Store in Korea

Send product, volume and timing. We will propose bonded tankage in Ulsan or Yeosu.

Request Korea storage