POSCO Completed Construction of Gwangyang LNG Terminal 1

SEATTLE (Oil Monster):POSCO International announced successful completion of construction of Gwangyang LNG Terminal 1. This marks the end of the 22-year long activities towards building the terminal. Representatives from the government as well as client companies took part in the completion ceremony.

The construction of the terminal will lift the port facility storage to nearly 180,000 cubic metres. In addition to providing natural gas for key industries such as power and manufacturing, the terminal will also offer variety of services for imported natural gas by client companies. The storage tanks No.5 and No.6 makes use of cryogenic high-manganese steel, the company noted.

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Lee Kye-In, CEO of the company commended the efforts of the workforce, highlighting that not one major incident was recorded on site since the commencement of the project in 2002. The terminal will play an important role in the company’s plan to further strengthen the midstream sector.

Apart from LNG storage tank rental business, there are plans to develop complementary projects such as sea trial and bunkering of LNG carriers. This in turn will provide huge boost to both domestic and international industries.

It must be noted that South Korea has been rapidly developing its portfolio of LNG import and storage terminals.