Yeosu City Signs 1.3 Trillion KRW Investment Agreement for Northeast Asia LNG Hub Terminal
On the 12th... Yeosu City, Jeollanam-do, Hanyang Co., Ltd., Korea District Heating Corporation, and 5 power generation subsidiaries
Job creation, regional economic revitalization, and acceleration of Yeosu City's eco-friendly new energy transition poli
[Asia Economy Honam Reporting Headquarters Reporter Lee Hyung-kwon] Yeosu City has signed an investment agreement for a 1.3 trillion KRW Northeast Asia LNG Hub Terminal project with Jeollanam-do, Hanyang Co., Ltd., Korea District Heating Corporation, and five power generation subsidiaries.
On the afternoon of the 12th, Yeosu City held a signing ceremony in the city hall situation room attended by about 50 people, including Jeollanam-do Governor Kim Young-rok, Yeosu Mayor Kwon Oh-bong, Hanyang Co., Ltd. CEO Kim Han-gi, Korea District Heating Corporation President Hwang Chang-hwa, and Korea South-East Power Co., Ltd. President Yoo Hyang-yeol.
The Northeast Asia LNG Hub Terminal project reflects the new government’s energy policies such as nuclear phase-out and coal phase-out, supplying LNG to domestic power generation and industrial demand sectors.
Under this agreement, Hanyang Co., Ltd. will establish four LNG storage facilities with a capacity of 200,000㎘ each, vaporization and delivery equipment, and a ship docking facility capable of handling up to 127,000 tons on approximately 650,000㎡ (about 200,000 pyeong) in the Myodo-dong area of Yeosu by 2024.
Korea District Heating Corporation, Korea South-East Power Co., Ltd., and five other power generation subsidiaries plan to actively consider using the LNG terminal facilities.
Yeosu City and Jeollanam-do will strive to provide administrative support such as permits and approvals to ensure smooth progress of the project.
They will hire 250 employees, with an employment inducement effect of 36,800 people and a production inducement effect reaching 7.988 trillion KRW.
It is also expected to gain momentum in attracting investment from related industries such as LNG bunkering, hydrogen industry, and cold energy utilization warehouses.
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Yeosu Mayor Kwon Oh-bong said, “This investment agreement has demonstrated the justification for hosting the UN Climate Change Conference of the Parties (COP28), as well as revitalizing corporate investment and the local economy, which had been contracted due to COVID-19.” He added, “I hope the LNG Hub Terminal project will grow into a leading energy hub representing Northeast Asia.”
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