POSCO INTER, 2nd LNG terminal in Gwangyang... Heating energy capacity for 40 days

POSCO International announced on the 10th that it completed the construction of the second liquefied natural gas (LNG) terminal in Gwangyang, Jeollanam-do.

An LNG terminal is an infrastructure that introduces LNG, unloads and stores it, vaporizes it, and then supplies it to consumers through a pipeline network.

In Terminal 2, two 20kL (kiloliter) LNG storage tanks (units 7 and 8), a pier that can dock 270,000 ㎥ LNG ships, and a bunkering pier that can dock 20,000 ㎥ ships were built. A total of 949.2 billion won was invested, and construction took 47 months.

POSCO E&C was in charge of construction, and high manganese steel for cryogenic use developed by POSCO was used for the storage tank.

With this completion, POSCO International's Gwangyang LNG terminal storage capacity has increased to a total of 1.33 million kL. This is the largest scale in Korea for a single private company, and is enough to store heating gas for the entire nation to use for 40 days.

When completing the first LNG terminal in 2024, POSCO International has built storage tanks 1 to 6 with a total capacity of 930,000㎘ and a dock that can dock 180,000㎥ LNG carriers.

We have also secured land to expand storage tanks for Units 9 to 12 in the future.

POSCO International, which is building a value chain that extends from overseas gas field development and production to LNG trading, terminal, and power generation business, plans to expand LNG storage and processing capabilities and strengthen trading competitiveness through the Gwangyang terminal.

The first volume of the long-term supply contract worth 400,000 tons per year signed by POSCO International with Cheniere Energy of the United States in 2022 will also be delivered to Gwangyang this month.

Based on the expansion of terminal infrastructure, linked projects such as ship test operations and LNG bunkering will also be expanded.

Gwangyang Terminal operates a test operation project to check whether the LNG carrier is operating normally before delivery to the ship owner, and a PTS (Port-to-Ship) bunkering project that supplies LNG for fuel to ships at the dock.

In addition, the company plans to diversify its profit base by expanding ship fuel supply services, such as the STS (Ship-to-Ship) bunkering business, which supplies LNG from one ship to another.

POSCO Group, which launched 'Triple Core' (industrial resources, strategic resources, and energy resources) as its future growth strategy last July, has strengthened its core capabilities in one axis, the energy resources field, with the completion of this terminal.

Furthermore, the plan is to contribute to national energy security amidst the global geopolitical crisis.

The completion ceremony held at Terminal 2 on this day was attended by more than 100 group executives, including Representative Kwon Hyang-yeop of the Democratic Party of Korea, Jeonnam Gwangju Unified Special City Deputy Mayor Kang Myeong-soo, Gwangyang Mayor Park Seong-hyun, government and local governments, customer officials, POSCO Group Chairman In-hwa In, and POSCO International President Lee Gye-in.

Chairman Jang In-hwa said, "Gwangyang's 2nd LNG Terminal is the result of POSCO Group's clear implementation of its triple core energy resource strategy in the field," and added, "With this completion, we will increase the completeness of the LNG value chain and contribute to national energy security."