POSCO Completes Gwangyang No. 2 LNG Terminal; Jang In-hwa: "Will Contribute to National Energy Security"

Korea's largest LNG terminal owned by a single private-sector company
Expanding related businesses, including bunkering and commissioning

POSCO International has completed the Gwangyang No. 2 LNG Terminal, significantly expanding its LNG storage capacity.

Storage tanks at POSCO International's Gwangyang No. 2 LNG Terminal, which was completed in its entirety on the 10th. POSCO International

POSCO International announced on the 10th that it had held a completion ceremony at the Gwangyang No. 2 LNG Terminal in Gwangyang, Jeonnam-Gwangju Integrated Special Metropolitan City. About 100 people attended, including POSCO Group Chairman Jang In-hwa, POSCO International President Lee Gye-in, National Assembly member Kwon Hyang-yeop, Korea Development Bank Chairman Park Sang-jin, and Gwangyang Mayor Park Seong-hyeon.

The No. 2 terminal cost KRW 949.2 billion to build, and construction took 47 months. It is equipped with two 200,000-kL storage tanks, a pier that can accommodate super-sized LNG carriers of up to 270,000 m3, and a 20,000-m3 bunkering pier for ships.

With the completion, the Gwangyang Terminal's total storage capacity has increased from 930,000 kL to 1.33 million kL. According to the company, this is enough heating gas to serve the entire population for 40 days. The Gwangyang Terminal began commercial operations in 2005 as the first privately owned terminal in Korea, and its facilities have been expanded in phases since POSCO International took over the LNG business in 2019.

POSCO International is vertically integrating its LNG business, from gas field development to trading, terminals, and power generation. It plans to strengthen its trading competitiveness by linking its increased storage capacity with overseas procurement networks. It has also secured a site in advance for the construction of storage tanks No. 9 through No. 12.

The company is also expanding related businesses. The Gwangyang Terminal provides commissioning services to inspect newly built LNG carriers before delivery, as well as bunkering services that supply LNG fuel to ships at the pier. It plans to expand into ship-to-ship bunkering, in which ships transfer LNG fuel to one another at sea.

The tanks use cryogenic high-manganese steel developed by POSCO, and construction was handled by POSCO E&C. In effect, POSCO Group has brought together its capabilities across materials development, construction, and operations.

Chairman Jang said, "The Gwangyang No. 2 LNG Terminal is a clear result of execution that demonstrates on the ground POSCO Group's strategy for energy resources, one of its Triple Core priorities. With this completion, we will enhance the completeness of the LNG value chain and contribute to national energy security."

This content was produced with the assistance of AI translation services.