[Alpha Biz=(Chicago) Reporter Kim Jisun] POSCO International held a 'Dangjin LNG Terminal Local Government Agreement Ceremony' with Chungnam-do, Dangjin-si, Dangjin Tank Terminal㈜ and LX International on the 31st. Through this agreement, POSCO International and LX International will build two storage tanks and auxiliary facilities at Dangjin LNG Terminal.
Dangjin LNG Terminal will be located on a 60,000-pyeong site in Godaebudu, Dangjin Port, Songak-eup, Dangjin-si. Two 270,000㎘ LNG storage tanks, two vapor machines that can handle 200 tons per hour, a liquefied petroleum gas (LPG) heat facility, and a pier that can come alongside the LNG line will be built.
Dangjin LNG terminal is expected to be completed in 2027. When the construction is completed, it will serve as a major LNG terminal in the West Sea, which can handle LNG 350 million tons annually. The project to expand the LNG terminal is also expected to help revitalize the local economy. POSCO International expects up to 300 construction jobs to be created per day during the terminal construction period.
POSCO International merged POSCO Energy earlier this year to complete the LNG value chain, ranging from exploration to production, storage and power generation. Once the Dangjin LNG terminal is built, midstream (LNG storage) infrastructure assets, one of the LNG value chains, can be secured more reliably.
POSCO International was the first Korean private company to launch commercial operation of the Gwangyang LNG terminal in 2005. Currently, LNG tanks of 730,000㎘ are operated at Gwangyang LNG Terminal. It is building a 200,000㎘ class 6 with the aim of completing it in the first half of 2024, and starting in January this year, it has also started a project to add 200,000㎘ class 7 and 8.
Upon the completion of all LNG tanks being expanded in Gwangyang and Dangjin by 2027, POSCO International will secure a LNG storage capacity of 1,870,000㎘, up about 2.6 times from the previous 730,000㎘. Increased LNG storage capacity is expected to have a positive impact on the sewage gas business.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
