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Commercial operations of Ulsan GPS started on December 26, according to a statement by SK Gas, a unit of South Korean conglomerate SK.
SK Gas invested 1.4 trillion won ($954.7 million) in the construction of the plant.
Ulsan GPS is located in the Mipo industrial complex in the Yongyeon district (Bugok, Ulsan), and it has a total power generation capacity of 1.2 GW.
The construction of the plant started in April 2022, while the facility began its trial operations in May this year after Korea Energy Terminal (KET) received its commissioning LNG cargo in April.
SK Gas and Korea National Oil Corporation recently launched their LNG and oil terminal in the South Korean port of Ulsan.
KET is a joint venture of KNOC (53 percent) and SK Gas (47 percent) formed to build a commercial energy storage facility at North Port in Ulsan as part of the government project called Northeast Asia oil hub project.
The ceremony marked the completion of 12 oil tanks with a total capacity of 1.7 million barrels and two LNG tanks with a total capacity of 2.7 million barrels.
Also, the third LNG tank with a capacity of 1.35 million barrels is expected to be completed in 2026.
SK Gas said Ulsan GPS will receive 900,000 to 1 million tons of LNG per year from KET.
Although LNG is the power plant’s main fuel, LPG can also be used as an alternative fuel depending on market conditions, providing flexibility and stability in power generation, the firm said.