Ulsan: South Korea has inaugurated a new energy storage facility in the southeastern port city of Ulsan, which is set to become a pivotal energy hub for the nation, the industry ministry announced on Thursday. The Korea Energy Terminal, situated 308 kilometers south of Seoul, has commenced its commercial operations with a total storage capacity equivalent to 4.4 million barrels of oil and gas. According to Yonhap News Agency, the terminal was developed by the state-operated Korea National Oil Corp. in collaboration with SK Gas Ltd. It marks South Korea's first energy storage facility capable of accommodating both oil and gas. Of its storage capacity, 1.7 million barrels have been leased to international crude traders, while the remaining 2.7 million barrels are allocated for electricity and industrial purposes within Ulsan. Second Vice Industry Minister Choe Nam-ho stated, "The government will continue to reform regulations and provide supportive measures to strengthen the role of energy terminals in the co untry." Additionally, the ministry highlighted that the terminal is poised to broaden its capabilities to include hydrogen, ammonia, and carbon capture and storage facilities in the future.