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Ssangyong completes work for the nation’s largest oil storage base in Seosan

2005-08-18

On August 18, Ssangyong held the ceremony for the completion of the work oil storage base in Seosan, South Chungcheong Province, with five hundred people attending, including Prime Minister Lee Hae-chan, Industrial Minister Lee Hee-bum, South Chungcheong Governor Shim Dae-pyung, Korea National Oil Corp. (KNOC) President Lee Eok-soo, and Ssangyong Engineering & Construction Chairman Kim Suk-jun.

At the ceremony, Mr. Ahn Sung-shik, Project Manager of the jobsite, received an “Iron Tower” Medal for his distinguished role in finishing the work successfully. Mr. Park Se-gwan, a mid-level manager at the jobsite was awarded the Presidential Award, and Mr. Ahn Jeon-soo and Mr. Lim Moon-sun received a citation from Industrial Minister, for their respective exemplary roles for the project.

The oil storage base, which Ssangyong Engineering & Construction participated as a consortium leader, is the largest one of its kind in Korea. With this first oil storage base built on the West Coast, the nation is now equipped with a system to distribute imported oil nationwide from the West, South, and East Coast. It is also expected that the new base will help the nation cope with an emergency situation related to the supply and demand of oil and invigorate the oil-related logistics business, including participation in joint oil storage projects in cooperation with oil producing countries.

Ssangyong Engineering & Construction, which carried out the work for the B Sector of the base and building additional tanks there, received a highly positive evaluation concerning quality control and jobsite management from KNOC. The Company also set a “no-disaster” record for the 1.67 million-hour (i.e. five years and ten months) work period.

The work for the B Sector was completed in July 2005 after commencement in October 1999. It was comprised of three 950,000-bbl floating roof-type crude oil tanks, six 300,000-bbl cone roof-type product oil tanks, plus ancillary architectural, electrical, and landscaping work.

The work for building additional tanks for the base in Seosan was comprised of four 300,000-bbl cone roof-type product oil tanks, two 300,000-bbl floating roof-type tanks, and two 25,000-bbl service tanks. It was also completed in July 2005, after commencement in February 2003.

Tens of mass media reporters appeared to cover the story concerning the completion ceremony.