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Korea Energy Terminal (KET) is a joint venture of KNOC (53 percent) and SK Gas (47 percent) formed to build a commercial energy storage facility at North Port in Ulsan as part of the government project called Northeast Asia oil hub project.
KNOC said in a statement that the two firms held a ceremony on November 14 to mark the completion of the public-private project.
The ceremony marked the completion of 12 oil tanks with a total capacity of 1.7 million barrels and two LNG tanks with a total capacity of 2.7 million barrels.
KNOC said the third LNG tank with a capacity of 1.35 million barrels is expected to be completed in 2026.
Back in 2020, Daewoo E&C won a contract for the first phase of this project in the port of Ulsan which included the construction of a 215,000-cbm LNG tank and additional regas facilities with about 1 mtpa capacity.
It also won a contract for the second phase with the same scope the same year.
Last year, a consortium led by Daewoo E&C also won the contract for the third phase as well and the full project will have three LNG tanks with a total capacity of 645,000 cbm.
The terminal also includes a berth for LNG bunkering vessels.
Last year, SK Gas, the unit of South Korean conglomerate SK Group, joined forces with compatriot shipping firm H-Line and the Ulsan Port Authority to develop an LNG bunkering project.
One of the LNG customers includes SK Gas’s LNG/LPG combined cycle power plant in Ulsan (Ulsan GPS).
In the future, KET plans to expand with additional LNG and ammonia storage facilities on the remaining site.