Yeosu, Nanbang Corporation and 3 Other Companies Sign Investment Agreement for 1.3 Trillion KRW 'Northeast Asia LNG Hub Terminal' Project
[Asia Economy Reporter Yoo Hyun-seok] Yeosu City in Jeollanam-do announced on the 12th that it has signed an investment agreement for a Northeast Asia LNG (liquefied natural gas) hub terminal project worth 1.3 trillion KRW with five companies including Hanyang and Korea District Heating Corporation.
On the same day, Yeosu City held a signing ceremony at the city hall situation room attended by about 50 people including Kim Young-rok, Governor of Jeollanam-do, Kwon Oh-bong, Mayor of Yeosu, Kim Han-gi, CEO of Hanyang, Hwang Chang-hwa, President of Korea District Heating Corporation, and Yoo Hyang-yeol, President of Korea South-East Power.
According to the agreement, Hanyang will build an LNG storage facility with a capacity of 200,000㎘, energy transmission equipment, and a ship docking facility with a capacity of 127,000 tons on a 650,000㎡ site in Myodo-dong, Yeosu by 2024.
Korea District Heating Corporation, Korea South-East Power, and three other power subsidiaries will review the use of the LNG terminal facilities.
Yeosu City and Jeollanam-do Province will provide administrative support such as permits and approvals to ensure smooth progress of the project. The Northeast Asia LNG hub terminal project reflects the new government’s energy policies such as nuclear phase-out and coal phase-out, and aims to supply LNG to domestic power generation and industrial demand sectors.
Hanyang plans to directly hire 250 employees. The employment inducement effect from the terminal construction is expected to reach 36,800 people, and the production inducement effect is estimated at 7.988 trillion KRW.
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A Yeosu City official stated, "Supplying liquefied natural gas to the Yeosu industrial complex can reduce fine dust and other air pollutants," and added, "The investment agreement is also expected to help revitalize corporate investment and the local economy, which have been contracted due to COVID-19."
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