Sponsored By

Posco International completes Gwangyang LNG terminalPosco International completes Gwangyang LNG terminal

South Korea’s trading company Posco International has completed the construction of its first LNG terminal at Gwangyang.

Michele Labrut, Americas Correspondent

July 23, 2024

2 Min Read
Posco LNG terminal completion
Photo: Posco International

The first terminal has a total LNG storage capacity of 930,000 cu metres in six tanks, combined with port facilities covering 180,000 cu metres.

Posco has invested KRW1.45 trillion ($1.03 billion) over a 20 year period in the construction of the terminal. The facility’s first tank became operational in 2005 and now, with the completion of all six tanks, the terminal is fully functional.  

In addition to supplying natural gas for power generation or processes by key national industries, the terminal will offer services such as unloading, storing, vaporizing, and transmitting natural gas directly imported by users.

“Gwangyang’s first LNG terminal has contributed to national economic development and energy security since it was the first private company in Korea to begin commercial operation in 2005,” said Choi Nam-ho, South Korea’s Second Vice Minister of Trade, Industry, and Energy.

“In a situation where the uncertainty of corporate management is increasing due to the instability of international energy supply and demand, the government will mobilize all available means to minimise the impact on the industry.”

Posco International is constructing a second LNG terminal adjacent to the first and broke ground on Gwangyang Terminal 2 in January last year. It’s expected to be completed in 2026.

Related:Extended Freeport closure sparks concern over US LNG supply

Alongside renting the existing LNG storage tanks, the firm plans to support domestic and international industries by developing related services, such as LNG ship commissioning and bunkering. The company is also exploring opportunities in the blue hydrogen sector, aligning with South Korea’s broader energy strategies. 

“Going forward, we will ensure a stable supply of domestic energy and steadily strengthen our competitiveness in the global energy market through digital transformation that automates and optimises the operation management of the Gwangyang LNG Terminal,” commented Posco International President Lee Kye-in.

Read more about:

LNG

About the Author

Michele Labrut

Americas Correspondent

Michèle Labrut is a long-time Panama resident, a journalist and correspondent, and has continuously covered the maritime sector of Central & Latin America.

Michèle first came to Panama as a press attaché to the French Embassy and then returned to the isthmus as a foreign correspondent in the 1980s.

Author of Seatrade Maritime's annual Panama Maritime Review magazine and of several books, Michèle also wrote for Time magazine, The Miami Herald, NBC News and the Economist Intelligence Unit. She has also collaborated in making several documentaries for the BBC and European and U.S. television networks.

Michèle's profession necessitates a profound knowledge of the country, but her acumen is not from necessity alone, but a genuine passion for Panama.

In 2012 she was awarded the Order of Merit (Knight grade) by the French Government for her services to international journalism and in 2021 the upgrade to Chevalier grade.

Get the latest maritime news, analysis and more delivered to your inbox
Join 12,000+ members of the maritime community

You May Also Like