POSCO International completes LNG terminal in Gwangyang

[Courtesy of Posco International Corp.]

POSCO International has completed the construction of a liquefied natural gas (LNG) terminal complex in Gwangyang, South Jeolla Province, contributing to obtaining the country’s energy security.

POSCO International announced the completion of the Gwangyang 1 LNG Terminal on Tuesday. The terminal, which broke ground in 2002, consists of six LNG tanks and one liquefied petroleum gas (LPG) tank.

The first two LNG tanks were completed in 2005 and the sixth tank was completed in June 2024. A total of 1.05 trillion won ($755 million) has been invested in this project.

The completion ceremony held at the terminal was attended by Second Vice Minister of Trade, Industry and Energy Choe Nam-ho, SK E&S Co. President Choo Hyeong-wook, and HD Hyundai Heavy Industries Co. President Lee Sang-kyun, and other government officials and business leaders. POSCO International CEO Lee Kye-in was also present.

The LNG storage capacity of the Gwangyang 1 terminal is 930,000 kiloliters, which is enough to supply the entire country with heat for about one month.

In addition to its storage capacity, the terminal is equipped with an 180,000 cubic meter port facility. It plays a crucial role in supplying imported natural gas for power generation and industrial use to domestic companies.

The 5th and 6th LNG tanks are made of high-manganese steel, the world’s first development by POSCO used domestically for the first time.

The material has exceptional durability and strength in extreme environments, such as temperatures as low as minus 162 degrees Celsius.