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Doosan Enerbility, previously known as Doosan Heavy Industries, said on Monday that the contract is worth 560 billion won ($404 million).
Part of the second phase of the Dangjin LNG terminal, the LNG tanks 5 – 7 will each have a capacity of 270,000 cbm.
Moreover, Doosan Enerbility said that construction is expected to start in September 2025, while completion of the work is scheduled for December 2029.
With this second phase contract, Doosan Enerbility will be responsible for the construction of a total of seven Dangjin LNG storage tanks.
Back in 2021, the company and its local partner Kuil Construction were selected as the contractor for the first phase (tanks 1-4) of the LNG terminal, and are currently carrying out the construction work.
In August 2024, Kogas and Doosan Enerbility completed lifting the roofs on all four 270,000-cbm tanks at the LNG import facility in the western port city of Dangjin.
Kogas currently operates 77 LNG storage tanks at five LNG import terminals in South Korea.
The large terminals include Incheon, Pyeongtaek, Tongyeong, and Samcheok, while the firm also has a small-scale regasification terminal at the Aewol port on Jeju Island.
Kogas sold 18.89 million mt in the first half of this year, up by 3.7 percent compared to the same period last year.
The company’s city gas sales rose by 5 percent as demand for civil use increased due to a sharp drop in temperature in February and April compared to previous years.
The firm also said that demand for industrial and fuel cell use increased, leading to higher sales volume.
According to Kogas, power firm purchases increased 2.1 percent as power generation increased following the start of commercial operation of new power units.