AsiaLNG Terminals

South Korea’s Posco starts building two Gwangyang LNG tanks

By LNG Prime Staff
South Korea’s Posco starts building two Gwangyang LNG tanks
Image: Posco International

South Korea’s Posco International, a unit of steel giant Posco, has started building two LNG tanks at its Gwangyang import terminal.

Posco International, which merged with Posco Energy this month, said in a statement it held the groundbreaking ceremony for the second Gwangyang LNG terminal in South Jeolla province on January 31.

The project includes the construction of two LNG storage tanks with a capacity of 200,000 kiloliters on a site near the Gwangyang LNG terminal, according to Posco International.

Also, the total costs to build the tanks will reach 930 billion won ($752 million).

Posco International expects the new LNG tanks to go into service in 2025.

The firm said the project would contribute to South Korea’s energy security through stable LNG supply amid the global energy crisis.

South Korea’s Posco starts building two Gwangyang LNG tanks
Image: Posco International

Parent Posco revealed this project in February last year.

The 5.2 mtpa Gwangyang LNG terminal is Korea’s first private LNG terminal besides the Kogas-owned facilities and it currently has five storage tanks.

The first and the second tanks started operation in 2005 followed by the third in October 2010 and the fourth in May 2013. Also, 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.

Posco is also expanding the LNG import terminal at Gwangyang with the addition of a sixth tank.

This tank with a capacity of 200,000 kiloliters should enter operation in 2024.

Following completion of the two new tanks in 2025, Posco said it would have eight LNG tanks with a capacity of 1.33 million kiloliters.

Most Popular

Contracts and Tenders

Worley clinches EPC gig for Venture Global’s CP2 LNG expansion project

Australian engineering firm Worley has signed a reimbursable engineering, procurement, and construction (EPC) contract for Venture Global’s CP2 LNG expansion project in Louisiana.
Vessels

China’s Jiangnan develops new LNG FSRU design

Chinese shipbuilder Jiangnan has received approvals from five classification societies for a new 175,000-cbm LNG FSRU design featuring its type B LNG containment tanks.
Contracts and Tenders

TotalEnergies inks preliminary LNG supply deal with China’s Jiangsu Guoxin

French energy giant TotalEnergies has signed a heads of agreement with Jiangsu Guoxin Group, a major energy company in China's Jiangsu province, to deliver 900,000 tons of LNG per year.

More News Like This

Vessels

Hanwha Ocean, Posco plan to build LNG carrier with high-manganese steel tanks

South Korean shipbuilder Hanwha Ocean and steel producer Posco plan to build a liquefied natural gas (LNG) carrier equipped with high-manganese steel cargo tanks.
Contracts and Tenders

Australia’s Santos strengthens LNG portfolio with new deals

Australian LNG player Santos has signed two separate, non-binding LNG agreements that underscore the company’s growing global LNG portfolio position. Santos entered into a non-binding heads of agreement to buy LNG from the Ksi Lisims LNG project in Canada and the company agreed key commercial terms with South Korea's Posco Steel to supply the latter with LNG.
Contracts and Tenders

South Korea’s Posco International, Kospo ink HoA for Gwangyang LNG terminal

Posco International, a unit of South Korean steel producer Posco, and Korea Southern Power (Kospo) have signed a heads of agreement on the use of Posco International's Gwangyang LNG import terminal and the construction of a pipeline.
Contracts and Tenders

Posco International inks LNG cooperation pact with Equinor

Posco International, a unit of South Korean steel producer Posco, is expanding cooperation with Norwegian energy firm Equinor in key energy sectors, including LNG.