Posco International breaks ground on second Gwangyang LNG terminal

Ground was broken Tuesday on Posco International's second liquefied natural gas (LNG) terminal in Gwangyang, South Jeolla.

Officials including the CEO of Posco International Jeong Tak, third from left, pose for a photo at a groundbreaking ceremony of the Second Gwangyang LNG Terminal in Gwangyang, South Jeolla, on Tuesday. [POSCO INTERNATIONAL]

Ground was broken Tuesday on Posco International's second liquefied natural gas (LNG) terminal in Gwangyang, South Jeolla.

The Korean company is investing a total of 930 billion won ($756 million) to build two 200,000-kiloliter LNG storage tanks, with the aim to complete construction in 2025.

The latest expansion will boost Posco International's storage capacity to 1.33 million kiloliters, which is enough to store heating gas that can be used by the all Korean residents for 40 days, the company said.

It already operates five LNG tanks in Gwangyang, with capacity totaling 730,000 kiloliters, and is in the process of building a sixth with 200,000 kiloliter capacity.

Posco International has been pushing hard to strengthen its energy business since it merged with Posco Energy on Jan. 1.

Posco International is currently operating a 62.7-megawatt onshore wind farms in Sinan County in South Jeolla.

The company plans to build an additional 300-megawatt offshore wind farms 25 kilometers west of the Jaeundo Island in the county.

BY SEO JI-EUN [seo.jieun1@joongang.co.kr]