South Korea’s Posco starts building two Gwangyang LNG tanks

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

Another steam LNG carrier sold for demolition

An NYK-managed steam liquefied natural gas (LNG) carrier has been sold for demolition, according to brokers.

Canada approves Ksi Lisims LNG project

According to a statement on Monday, Julie Dabrusin, Minister of Environment and Climate Change, issued her decision under the...

Abaxx sees significant volume growth in its LNG futures

Abaxx Commodity Futures Exchange, a wholly owned subsidiary of Abaxx Technologies (CBOE:ABXX) has seen significant volume growth in its physically deliverable LNG futures during the past summer months, according to Abaxx Exchange Chief Commercial Officer Joe Raia.

More News Like This

South Korea’s Kospo, Posco International seal LNG bunkering pact

Korea Southern Power (Kospo) and compatriot Posco International joined forces to boost the domestic liquefied natural gas (LNG) bunkering business.

Posco International, Glenfarne ink Alaska LNG pact

US energy firm Glenfarne and Posco International, a unit of South Korean steel producer Posco, have signed a deal to advance a strategic partnership for the development of the Alaska LNG project. This includes initial terms for a long-term heads of agreement for LNG supply.

Posco E&C secures contract for Thailand’s third LNG terminal

Posco E&C, a unit of South Korea’s top steel producer Posco, has secured a contract from Gulf Development for Thailand's third LNG import terminal.

South Korea’s Posco says first LNG carrier to start ops in H2

Posco International, a unit of South Korean steel producer Posco, plans to start shipping LNG with its first dedicated LNG carrier in the second half of this year.