POSCO completes construction of LNG storage tanks

POSCO International Corp. said Tuesday it has completed the construction of a liquefied natural gas (LNG) terminal, marking the first such facility operated by a private business. The trading and energy unit of South Korea's top steelmaker, POSCO, said the completion of the terminal, which includes six storage tanks, came after construction began in 2002 with a combined investment of 1.04 trillion won (US$750 million) in Gwangyang, 297 kilometers south of Seoul. An LNG terminal stores imported natural gas and supplies it to various destinations through regasification procedures. The new terminal boasts facilities to store 930,000 kiloliters of LNG and is capable of accommodating 180,000 cubic-meter class LNG carriers. The terminal will offer comprehensive services from offloading and storage to regasification of natural gas purchased not only by POSCO but also by S-Oil Corp. and SK E and S Co. POSCO International, meanwhile, also started the construction of a second LNG terminal in Gwangyang last year w ith an investment of 930 billion won, which is expected to be completed in 2026. "As the first private LNG production hub, the first LNG terminal in Gwangyang plays a crucial role in the LNG value chain and serves as a valuable asset for the company's goal to become a global energy business," Second Vice Industry Minister Choe Nam-ho said. "It is also an essential facility that will play a key role in securing the energy security vital for the economy," he added, noting that such private-run LNG terminals should also be able to share related infrastructure with the state-run Korea Gas Corp. Source: Yonhap News Agency