Daewoo E&C scores another Ulsan LNG gig

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.

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