In a significant development, SK Gas’s liquefied natural gas terminal in Ulsan initiated a trial run, the company announced on Monday. Named the Korea Energy Terminal, the 1.2 trillion won ($869.3 million) terminal is a collaborative effort between the Korea National Oil Corporation and SK Gas, with SK Gas holding a 47 percent stake.
During the trial run, LNG cargo from the Grace Cosmos was successfully unloaded at the terminal. This LNG will be utilised to fuel the Ulsan Gas Power Solution during the operational trial phase.
Construction of the Ulsan GPS, a combined-cycle power plant adjacent to the terminal, began in September 2022 with an investment of 1.4 trillion won. With a generation capacity matching that of a nuclear power plant at 1.2 gigawatts, the plant is projected to consume approximately 900,000 to 1 million tons of LNG annually.
An innovative aspect of the facility is its capability to burn both LNG and liquefied petroleum gas as fuels, a first of its kind as stated by SK Gas. Commercial operation of the terminal is scheduled to commence in the latter half of the year.
This initiative forms a crucial part of SK Gas’s strategic transition from its previous emphasis on LPG to LNG. Yoon Byung-suk, CEO of SK Gas, expressed satisfaction at achieving milestones with the KET, highlighting its significance for SK Gas’s LNG business. He further affirmed SK Gas’s commitment to emerging as a major LNG player in the Northeast Asian region by 2030.
For more information visit www.skgas.co.kr
