Posco Starts up Korean LNG Import Terminal

Posco Energy, a unit of steel major Posco, has begun operating South Korea’s first privately-owned LNG import terminal, it said on November 11 in a statement.

Gwangyang LNG terminal is located in Gwangyangin in the South Jeolla province. The company acquired a licence to operate the terminal from the ministry of trade, industry and energy in September.

The 1.8mn metric tons/year capacity terminal has five LNG storage tanks, with a combined capacity of 730,000 kilolitres. The company said it plans to add a sixth in the near future.

Posco expects the terminal to serve the large neighbouring LNG markets of Japan and China as well. At present, state-run Kogas dominates the LNG import market in South Korea, controlling five regasification terminals.

Banner image courtesy Posco Energy