SEOUL-- Breakwater construction will begin at Ulsan as part of an ongoing move to transform the port city into a Northeast Asia oil trading hub, the maritime ministry said Monday.

Some 830 billion won (US$741.73 million) will go into erecting a 3.1-kilometer-long breakwater, scheduled for completion by 2023. It is the second phase of the breakwater construction, with the first phase expected to be finished by September this year.

South Korea plans to build a massive oil terminal in Ulsan, 414 kilometers southeast of Seoul.

The Ministry of Oceans and Fisheries said Ulsan Port Authority will begin designing the facilities starting next year, while Korea National Oil Corp. will launch investor relations sessions to raise investment for facility construction.

The oil hub project also includes building an oil storage facility in the southern tip city of Yeosu, currently under way.

Source: Yonhap News Agency