Seoul—South Korea’s plan to build a third commercial oil storage facility in Ulsan—a project expected to play a key role in converting the country’s southern coast into an oil trading hub for North Asia—has hit a snag after the country’s National Assembly Budget Office, or NABO, questioned its economic viability. “There are concerns about possible overcapacity of oil storage and we plan to soon conduct a study [on whether we should scale down the scope of the project],” an official at the Ministry of Trade, Industry and Energy told Platts recently.
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