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According to a statement by Posco International, the partners aim to establish LNG infrastructure for ship fuel within the Yeosu-Gwangyang Port area.
The three companies will also collaborate to establish a comprehensive support system covering the entire lifecycle of LNG bunkering vessels.
Posco International will handle the entire LNG bunkering process, from procurement to fueling, utilizing the storage tanks and a dedicated berth at the Gwangyang LNG 2 terminal in the South Jeolla province once operations start in 2026.
On the other hand, Posco Flow, a joint venture between Posco and Mitsui & Co, will be responsible for the construction and operation of a 12,500-cbm bunkering vessel from 2027, while the port authority will provide policy support and conduct safety checks.
Posco International said the Yeosu Gwangyang port has “optimal conditions” for an LNG bunkering business, as it serves as a key hub for sea routes across Asia and the Pacific, handling approximately 213 million tons of cargo carried by 65,000 ships annually.
The company said it plans to complete a dedicated bunkering berth at the second Gwangyang terminal 2 by the third quarter of 2026.
The 5.2 mtpa Gwangyang LNG terminal is Korea’s first private LNG terminal besides the Kogas-owned facilities, and it currently has five storage tanks.
Following the completion of the second terminal, the Gwangyang LNG terminal will have eight LNG tanks with a combined capacity of 1.33 million cubic meters (cbm).
In addition to this move, Korea Southern Power (Kospo) and Posco International recently also joined forces to boost the domestic LNG bunkering business.
Starting in May 2027, Posco International intends to launch LNG bunkering services at ports in the southeastern region using a dedicated 12,500-cbm vessel.