S.Korea's KNOC signs JV agreement with SK Gas, MOLCT for oil terminal project

SK Gas

13/11/2019 02:38

SEOUL, Nov 13 (Reuters) - 
    * State-run Korea National Oil Corp (KNOC)  KOILC.UL  has
signed a
joint venture agreement with SK Gas  018670.KS  and Singapore's
MOL Chemical Tankers (MOLCT) to invest in the first phase of
South Korea's oil terminal project, the country's energy
ministry said on Wednesday
    * The first phase of the oil terminal project at the port of
Ulsan
would cost 616.6 billion won ($530.99 million), with the joint
venture Korea Energy Terminal investing 30% of the total cost,
while the rest will be funded through project financing, the
energy ministry said in a statement
    * KNOC has a 49.5% stake in the venture, with SK Gas holding
and
MOLCT holding a 45.5% and 5% interest, respectively, according
to the statement
    * The oil terminal has a capacity to store 1.38 million
barrels of
refined oil products and 1.35 million barrels of liquefied
natural gas
    * The terminal is expected to be completed by March 2024 and
start
commercial operations from April 2024, the statement said
($1 = 1,161.2300 won)


 (Reporting By Jane Chung; Editing by Aditya Soni)
 ((jane.chung@thomsonreuters.com; +82 2 6936 1459;))