POSCO Int’l teams up with LX Int’l to build Dangjin LNG Terminal by 2027

A rendering of Dangjin LNG Terminal [Photo provided by LX International]

South Korea’s POSCO International Corp., in partnership with LX International Corp., has unveiled plans to construct a liquefied natural gas Terminal in Dangjin located in the northernmost part of Chungnam Province by 2027. The collaboration was announced during a signing ceremony held at the Chungnam Provincial Office, with the participation of provincial and municipal leaders.

The Dangjin LNG Terminal, set to be situated within Dangjin Port, will occupy an area of some 193,000 square meters, which is comparable to the size of 27 soccer fields.

The terminal will have two LNG storage tanks with a substantial capacity of 270,000 kiloliters each, as well as two regasification units capable of processing 200 tons per hour, a state-of-the-art liquefied petroleum gas (LPG) vapor heat treatment facility, and a dedicated berth for LNG vessels.

With a target completion date of 2027, the terminal aims to serve as a pivotal LNG hub in the western region of South Korea, capable of processing a 3.5 million tons of LNG annually.

Earlier, POSCO International announced its strategic merger with POSCO Energy, underscoring their commitment to establishing a comprehensive value chain encompassing LNG exploration, production, storage, and power generation.

POSCO International was the first Korean private company to start commercial operation of the Gwangyang LNG Terminal in 2005, and currently operates the 730,000-kiloliter LNG tanks of units 1 through 5 at the terminal.

The company is currently constructing a 200,000-kiloliter unit 6, which is scheduled for completion in the first half of 2024. In January, the company also started a project to add units 7 and 8 with 200,000-kiloliter capacity, utilizing the site of Terminal 2 at the Gwangyang LNG terminal.