GWANGYANG — POSCO International Corp. announced on Tuesday the completion of its liquefied natural gas (LNG) terminal in Gwangyang, marking a significant milestone as the first LNG facility in South Korea operated by a private enterprise. The project, initiated in 2002, represents a substantial investment of 1.04 trillion won (approximately US$750 million) and includes a complex of six storage tanks.
According to Yonhap News Agency, the trading and energy arm of South Korea's leading steelmaker POSCO, the new terminal is equipped to store up to 930,000 kiloliters of LNG and can accommodate LNG carriers of up to 180,000 cubic meters. This facility not only serves POSCO but also provides essential services to other major corporations such as S-Oil Corp. and SK E&S Co., encompassing activities from offloading and storage to regasification of natural gas.
The significance of this development was highlighted by Second Vice Industry Minister Choe Nam-ho, who attended the terminal’s inauguration. He described the facility as "the first private LNG production hub," emphasizing its crucial role in the LNG value chain and its strategic importance in POSCO’s ambition to become a global energy business leader. Choe also pointed out the terminal’s critical function in enhancing the nation's energy security and suggested that private-run LNG terminals like this one could potentially share infrastructure with the state-run Korea Gas Corp. to further bolster energy stability.
Furthermore, POSCO International has already commenced construction on a second LNG terminal at the same site in Gwangyang, with an investment of 930 billion won, slated for completion in 2026.