Seoul—South Korea plans to convert an oil storage facility in the southeastern port city of Ulsan into an underground storage plant so that a refining and petrochemical complex can be built on part of the site. State-run Korea National Oil Corp. currently operates 18 tanks at the location that can store 12.8 million barrels of crude oil, plus a tunnellike underground tank that can store 6.5 million barrels. The first18 tanks were built in 1982 and the underground tank was added in 2010. “KNOC will build underground storage tanks to replace the aged above ground facility, which will reduce management costs and boost the safety and effectiveness of the storage base,” the Ministry of Trade, Industry and Energy said in a statement Monday.
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