A consortium led by South Korea’s Daewoo Engineering & Construction has secured another contract from Korea Energy Terminal (KET) to build an LNG tank and additional facilities in the Port of Ulsan.
KET is a joint venture established by Korea National Oil Corporation, and SK Gas, as well as MOL Chemical Tankers, to operate a petroleum and LNG storage hub in the northern part of the Ulsan port.
Back in 2020, Daewoo E&C won a contract for the first phase of this project which includes 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.
KET plans to launch commercial operations of the first and second phase in 2024.
Daewoo E&C said in a statement issued last week it has now won a contract, along its consortium partner SK ecoengineering, for the third phase of the hub.
This phase also includes building one 215,000-cbm LNG tank and 1 mtpa of regas capacity.
According to Daewoo E&C, this phase should be completed in April 2026.
The price tag of this deal is 220 billion won ($168 million) and Daewoo E&C has a 51 percent in the JV.
