Ulsan Port Authority (UPA) has taken a significant step towards enhancing South Korea’s alternative marine fuel supply chain by signing a US$17.6 million equity investment agreement on August 1, 2024. This strategic move follows the South Korean government’s 2023 initiative to develop a sustainable marine fuel network, with Ulsan Port positioned as a key player in this green transition.
The agreement includes UPA’s involvement in expanding storage facilities dedicated to eco-friendly fuels, such as green methanol, at Ulsan’s New Port. This expansion is set to significantly increase the port’s capacity, supporting the growth of green shipping corridors that will facilitate the supply of alternative marine fuels to both domestic and international shipping lines. The first phase of this project is expected to be operational by the first half of 2026.
This initiative will not only boost Ulsan Port’s annual cargo handling capacity but will also contribute to decarbonization efforts in South Korea’s shipping industry. By focusing on sustainable energy solutions, UPA aims to drive long-term growth in the port sector while reducing carbon emissions and supporting the global shift towards greener maritime practices.
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