Ulsan is South Korea's seventh largest metropolis with a population of over 1.1 million. It is located in the south-east of the country, neighboring Busan to the south and facing Gyeongju to the north. Ulsan is the industrial powerhouse of South Korea, forming the heart of the Ulsan Industrial District, which is home to the world's largest automobile assembly plant operated by the Hyundai Motor Company, the world's largest shipyard operated by Hyundai Heavy Industries and the world's second largest oil refinery, owned by SK Energy. In 2012, Ulsan had a GDP per capita of $79,623, the highest of any region in South Korea.