POSCO International completes Gwangyang No. 2 LNG terminal after investing 949.2 billion won; storage capacity expanded by 43%

【Financial News, Gwangyang—Kim Mi-hee】POSCO International has completed the Gwangyang No. 2 liquefied natural gas (LNG) terminal, on which it invested 949.2 billion won. With the addition of two 200,000-kL storage tanks, the total storage capacity of the Gwangyang LNG terminal has increased by about 43%, from 930,000 kL to 1.33 million kL. POSCO International plans to expand its LNG carrier berthing and ship fuel supply businesses alongside the expansion of its storage facilities.
POSCO International said it held a completion ceremony for the Gwangyang No. 2 LNG terminal on the 10th in Gwangyang, Jeonnam-Gwangju Integrated Special City. About 100 people attended, including POSCO Group Chairman Chang In-hwa and POSCO International President Lee Kye-in, as well as officials from the government and local governments and representatives of customer companies.
A total of 949.2 billion won was invested in the Gwangyang No. 2 LNG terminal over 47 months. It is equipped with two 200,000-kL LNG storage tanks and related facilities, a pier that can accommodate LNG carriers with a capacity of 270,000 cubic meters, and a 20,000-cubic-meter-class bunkering pier for ships.
With the completion of the project, the number of storage tanks at the Gwangyang LNG terminal has increased from six to eight. The company says its total storage capacity of 1.33 million kL is the largest in Korea for a single private company.
The Gwangyang LNG terminal is a facility that unloads and stores LNG imported from overseas, then regasifies it and supplies it through a pipeline network. It began commercial operations in 2005 as the first such facility operated by a private company in Korea, and POSCO International has expanded its storage facilities in stages since 2019. The expansion has increased its LNG storage and processing capacity, broadening the business base for linking overseas LNG procurement with domestic supply.
POSCO International has a business structure spanning gas field development and production, LNG trading, terminal operations, and power generation. The Gwangyang LNG terminal is responsible for domestic LNG storage and supply within this structure. POSCO International plans to use the expanded storage facilities to grow its LNG trading and terminal-related businesses.
The company also plans to expand its ship-related businesses. In addition to LNG carrier commissioning, which it currently conducts, and its PTS (Port-to-Ship) bunkering business, which supplies ships with fuel LNG at the pier, it will pursue an STS (Ship-to-Ship) bunkering business to supply LNG between ships. It has also secured land for future expansion with storage tanks No. 9 through No. 12.
The second terminal uses high-manganese steel for cryogenic applications developed by POSCO, and POSCO E&C was responsible for construction. POSCO International will operate the facility.
At the completion ceremony that day, POSCO Group Chairman Chang In-hwa said, “With this completion, we will raise the level of completion of the LNG value chain and contribute to national energy security.”



[email protected] Kim Mi-hee Reporter