POSCO International has successfully completed the comprehensive construction of a liquefied natural gas terminal complex in Gwangyang, South Jeolla Province. This large-scale project, with an investment exceeding 1 trillion won over 22 years, significantly enhances national energy security by expanding storage capacity.
On the 9th, POSCO International announced the completion of Gwangyang Terminal 1. Construction began in 2002, culminating in a facility with six LNG tanks and one liquefied petroleum gas tank. The project saw the first and second LNG tanks completed in 2005, with the sixth LNG tank finalised in June 2023. The total investment cost for the terminal amounts to 1.45 trillion won.
The completion ceremony at Gwangyang Terminal 1 was attended by notable government officials and customers, including Choi Nam-ho, the second vice minister of the ministry of Trade, Industry, and Energy, Choo Hyung-wook, president of SK E&S, and Lee Sang-kyun, president of HD Hyundai Heavy Industries. POSCO International’s major management team, including President Lee Kye-in, was also present.
Gwangyang Terminal 1 boasts an LNG storage capacity of 930,000 kilolitres, sufficient to heat the entire nation for approximately a month. In addition to LNG storage, the terminal includes 180,000 cubic metres of port facilities, facilitating the supply of natural gas for power generation and industrial use to domestic companies.
Notably, the fifth and sixth LNG tanks feature the world’s first cryogenic high manganese steel, developed by POSCO and used for the first time in Korea. This material exhibits exceptional durability and strength in extreme environments, withstanding temperatures as low as minus 162 degrees Celsius.
This project underscores POSCO International’s commitment to advancing infrastructure that bolsters energy security and supports the nation’s growing energy needs.
For more information visit www.poscointl.com
