POSCO International completes $700 mil. LNG terminal expansion in Gwangyang
An aerial view shows POSCO International's second LNG terminal in Gwangyang, South Jeolla Province / Courtesy of POSCO International
POSCO International, the energy and trading arm of POSCO Group, completed its second liquefied natural gas (LNG) terminal in Gwangyang, cementing its position as Korea's top private natural gas operator and reinforcing domestic supply lines.
The company held a completion ceremony Tuesday at the Gwangyang LNG terminal, attended by about 100 people, including government officials, business representatives and executives from POSCO Group.
The project cost 949.2 billion won ($700 million) and took 47 months to complete, adding two storage tanks, each with a capacity of 200,000 cubic meters, along with supporting facilities.
The development also includes a berth capable of accommodating LNG carriers with capacities of up to 270,000 cubic meters and a separate bunkering berth for vessels of up to 20,000 cubic meters.
With the completion of the second terminal, the combined storage capacity of POSCO International's first and second terminals has increased from 930,000 kiloliters to 1.33 million kiloliters, the largest capacity operated by a single private company in Korea.
The company said the facilities can store enough heating gas to meet the needs of the entire Korean population for 40 days.
The expansion strengthens the company's LNG business, which spans gas field development and production, international LNG trading, terminal operations and power generation.
POSCO International plans to connect its expanded storage and processing capabilities with its global LNG procurement network to improve trading competitiveness and broaden related businesses, including ship commissioning and LNG bunkering.
The terminal already provides commissioning services to test LNG carriers before delivery and supplies marine fuel through port-to-ship bunkering, with plans to expand into ship-to-ship fuel transfers.
POSCO Group Chairman Chang In-hwa said the project demonstrates the group's strategy to develop three core business areas: industrial resources, strategic materials and energy resources.
"POSCO Group's second Gwangyang LNG terminal is a clear result of execution that demonstrates our energy resources strategy, one of the three pillars, on the ground," Chang said.
"With this completion, we will enhance the completeness of our LNG value chain and contribute to national energy security," he said.
The project also highlights cooperation across POSCO Group, with POSCO supplying cryogenic high-manganese steel developed for the facility and POSCO E&C handling construction, while POSCO International oversees operations.
The group said the expanded infrastructure would strengthen its energy business while supporting regional investment and balanced national development.
This article was published with the assistance of generative AI and edited by The Korea Times.