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Acceleration of research support for international energy trading

2017.10.12    19

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Acceleration of research support for international energy trading
Held 'Oil Trading Competition' participated in by 80 people in August
Holding of the ‘2017 International Trading Conference’on October 24

Ulsan Metropolitan City is accelerating the operation of the ‘International Energy Trading Research Center Support Project’ as part of a measure to revitalize the distribution and trading of an oil hub in Northeast Asia.
The project celebrates its 3rd anniversary this year. It is being operated by the Convergence Management Graduate School of the UNIST (Ulsan National Institute of Science and Technology). With support of 1.4 billion won over the past 7 years since 2015, various projects have been operated in order to support the success of the oil hub, such as a survey and research on the international energy market and the fostering of traders.
The ‘Northeast Asia Oil Hub Project’ is currently constructing a tank terminal in the Ulsan New Port jointly with the Korea National Oil Corporation (KNOC) and Ulsan Port Authority and it is fostering professionals and research on petroleum distribution and trading by supporting the ‘International Energy Trading Research Center.’
The project analyzed the international oil trading market and assembled data on the current state of trading businesses and human resources, developed a mock trading program, and conducted in-depth research in the energy trading field, such as the development of Korean base prices.
Until now, 19 trading professionals with Master's Degrees are working at businesses and pubic agencies related to petroleum and resource materials and they are part of the foundation of human resources to revitalize oil hub distribution and trading in the future, such as the operation of short-term courses for workers related to oil trading.
In particular, at the ‘Oil Trading Competition’ that was held on August 11, 80 college and graduate students from across the nation participated in the competition. During the competition, various advanced trading techniques were introduced and the importance of fostering traders was promoted.
Ulsan will play a vital role in the education and research on tradition by expanding the trading competition as an iconic event of the city.
The ‘2017 International Trading Conference’ will be held on October 24 under the theme of ‘technological innovation and energy product market’ by inviting eminent energy experts from Korea and overseas.
Through the conference, the network between academia and the oil industry will be strengthened and strategies for the development of Northeast Asia Oil Hub and the future energy market according to the changes of the industrial environment will be discussed.
Of note, the ‘Northeast Asia Oil Hub Ulsan Project’ aims to foster Ulsan as the center of the global oil distribution and to evolve it as a banking hub by injecting the project expense of 1.9235 trillion won into the Ulsan New Port, starting from 2010 to 2026.
An official of Ulsan city said, “We will contribute to improving the foundation of energy distribution and the banking industry which are still underdeveloped and to revitalizing oil trade at the Northeast Oil Hub by supporting the International Energy Trading Research Center.”
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