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| POSCO Holdings Chairman Choi Jeong-woo, center, poses with POSCO International Vice Chairman Jeong Tak, third from left, South Jeolla Province Governor Kim Yung-rok, fourth from right, and other figures during a groundbreaking ceremony for its second LNG terminal in Gwangyang, South Jeolla Province, Tuesday. Courtesy of POSCO International |
Company breaks ground on 2nd LNG terminal in Gwangyang
By Kim Jae-heun
POSCO International has begun expanding its LNG storage terminal in southwestern Korea as part of its efforts to become an eco-friendly energy powerhouse, according to company officials Tuesday.
The trading and energy arm of POSCO Group held a groundbreaking ceremony for its second LNG terminal in Gwangyang, South Jeolla Province, Tuesday. The project, expected to cost 930 billion won ($755.2 million), involves the construction of two more liquefied natural gas (LNG) tanks with a capacity of 200,000 kiloliters each. Completion is scheduled for 2025.
South Jeolla Province Governor Kim Yung-rok, Democratic Party of Korea (DPK) lawmaker Rep. Seo Dong-yong, Samsung Heavy Industries CEO Choi Sung-an, POSCO Holdings Chairman Choi Jeong-woo and POSCO International Vice Chairman Jeong Tak participated in the event.
"POSCO International has started construction on its second LNG terminal in Gwangyang, which will be another growth engine for Korean industry. Gwangyang is where commercial operation of LNG terminals first began in Korea in 2005 and where POSCO leaped forward with its steel business. We will strategically utilize LNG with infinite potential to create better value so that both companies and communities can continue to develop," Choi said.
The facility expansion is one of POSCO International's efforts to beef up its LNG value chain and secure midstream infrastructure assets, namely LNG storage.
POSCO International is the only energy company in Korea that has an LNG value chain from exploration to production, storage and power generation.
The energy firm expects to achieve quantitative growth by completing the LNG value chain and contributing to Korea's energy security by securing storage capacity for the fuel source. It also aims to achieve qualitative growth by promoting renewable projects that are also profitable.
POSCO International currently operates LNG tanks 1 to 5, each measuring 730,000 kiloliters, in Gwangyang. The sixth one measuring 20,000 kiloliters is under construction, with completion scheduled for the first half of 2024.
Adding two more LNG tanks will enable POSCO International to secure a total storage capacity of 1.33 million kiloliters at Gwangyang LNG Terminal, enough to heat the entire nation for 40 days.
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