POSCO International, LX to develop Dangjin LNG import terminal
South Korean companies POSCO International and LX International have signed an agreement to develop the Dangjin LNG terminal in South Chungcheong Province, POSCO International said on May 31.
The agreement also involved local governments. The main goal of this agreement is to construct two LNG tanks with a capacity of 270,000 kiloliters (kl) each, along with associated terminal facilities, by 2027. Once completed, the Dangjin LNG terminal will have an annual LNG handling capacity of 3.5mn metric tons.
The terminal will be located in Dangjin Port and will consist of two LNG storage tanks, two vaporizers, LPG steam facilities, and a dedicated pier for LNG carriers. POSCO International said it aims to strengthen its position in the domestic LNG business and secure crucial infrastructure assets for the midstream LNG value chain by successfully completing the construction of the Dangjin LNG terminal.
With the merger between POSCO International and POSCO Energy earlier this year, the company has established a comprehensive LNG value chain that includes exploration, production, storage, and power generation. This integration allows POSCO International to have a complete presence throughout the LNG value chain.
Currently, the company operates five LNG tanks with a capacity of 73,000 kl each at its Gwangyang LNG terminal in South Jeolla Province. This terminal, established in 2005, was the first privately-owned LNG terminal in South Korea.