MOU signed with Ulsan city; 23 tanks totaling 103,200 kiloliters to be built

Investment to strengthen logistics base for petrochemical industry

Ulsan Mayor Kim Sang-uk (center right) and Central Terminal Korea CEO Kim Chan-su (center left) pose with officials after signing an investment MOU for the construction of a liquid cargo storage facility at the mayor's office on the seventh floor of Ulsan City Hall on Monday. [Ulsan city government]
Ulsan Mayor Kim Sang-uk (center right) and Central Terminal Korea CEO Kim Chan-su (center left) pose with officials after signing an investment MOU for the construction of a liquid cargo storage facility at the mayor's office on the seventh floor of Ulsan City Hall on Monday. [Ulsan city government]

Central Terminal Korea, a company specializing in liquid cargo handling and storage terminal operations, will invest 120 billion won ($86.7 million) in Ulsan to significantly strengthen the port's position as a logistics hub in Northeast Asia.

Ulsan Mayor Kim Sang-uk and Central Terminal Korea CEO Kim Chan-su signed an investment MOU Monday at the mayor's office on the seventh floor of Ulsan City Hall to establish new liquid cargo storage facilities.

Central Terminal Korea was founded in Ulsan in December 1975 and has grown into a terminal specialist in liquid cargo handling and storage. Its affiliates include Taeyoung Grain Terminal, which handles rapid customs clearance for grain cargo serving southern Gyeonggi Province and the Chungcheong region through Pyeongtaek port, and Pyeongtaek Silo, a domestic facility equipped with the latest automated cargo-release systems optimized for processing diverse, small-volume grain shipments.

Under the agreement, Central Terminal Korea will invest 120 billion won from next month through December next year to substantially expand liquid cargo storage capacity at the Ulsan Mipo National Industrial Complex. Construction will proceed in two phases: the first, running from next month through June next year, will add seven tanks with a combined capacity of 28,000 kiloliters, while the second, from July through December next year, will add 16 tanks totaling 75,200 kiloliters — bringing the total to 23 tanks with a combined capacity of 103,200 kiloliters.

The investment will significantly expand Ulsan port's liquid cargo storage capacity, allowing the city's petrochemical industry to secure stable logistics support. Central Terminal Korea also plans to use the investment as a springboard to strengthen its terminal business competitiveness centered on Ulsan port and expand its Northeast Asia logistics network connecting to Japan, which is expected to further energize terminal operations at the port.

Ulsan city will actively support the project by streamlining administrative procedures, including permits and approvals. Central Terminal Korea will prioritize local contractors and workers during construction to ensure the investment's benefits flow into the regional economy.

"Central Terminal Korea's reinvestment in Ulsan is a meaningful contribution to enhancing the logistics competitiveness of local industry," Mayor Kim said. "We will build an even stronger partnership in which the company and Ulsan grow together."


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