South Korea’s GS Engineering & Construction has recently secured a contract from a joint venture consisting of Hanyang and GS Energy to build the Northeast Asia LNG hub terminal in Yeosu.
Hanyang has a 60 percent share in the project and GS Energy holds a 40 percent stake. Both GS E&C and GS Energy are part of South Korean conglomerate GS.
According to a statement by GS E&C, the contract for the first phase of the Northeast Asia LNG hub terminal is worth 600 billion won ($440 million).
The project scope includes the construction of two 200,000 cbm LNG storage tanks, vaporization and transmission facilities, auxiliary facilities, and port facilities at the project site in Yeosu, Jeolla province.
GS E&C expects construction to take about 42 months.
The firm noted it was involved in the construction of 10 LNG terminals over the last 27 years.
This includes the Incheon LNG terminal and the Boryeong LNG terminal phase 2-4 in South Korea, as well as overseas projects such as Thailand’s PTT LNG terminal and Bahrain LNG terminal.
GS and SK E&S operate the Boryeong LNG facility, while Kogas owns the large terminals in Incheon, Pyeongtaek, Tongyeong, and Samcheok, and the small-scale regasification terminal at the Aewol port on Jeju island.
Kogas recently also completed lifting the roof on the first 270,000-cbm tank at its LNG import facility in the western port city of Dangjin.