South Korea’s independent power producer Posco Energy is expanding its LNG import terminal at Gwangyang with the addition of a sixth tank.
The firm says the tank will have a capacity of 200,000 kiloliters boosting the terminal’s total storage capacity to 930,000 kiloliters in six tanks.
In addition, Posco Energy expects the expansion worth about 143.7 billion won ($131 million) to complete in May 2024.
Posco Energy is building the facility in cooperation with parent steel producing giant Posco and its engineering unit Posco E&C.
Gwangyang LNG terminal is Korea’s first private LNG terminal besides the Kogas-owned facilities.
The first and the second tanks started operation in 2005 followed by the third in October 2010 and the fourth in May 2013. The latest and the fifth tank started commercial operations in December 2019.
Besides LNG tanks, the terminal also features an LPG tank, a jetty and other regasification and additional facilities.