Daewoo E&C Signs Contract for 'Ulsan Bukhang Energy Terminal Phase 3 LNG Package Construction'

Construction Cost Estimated at 220 Billion Won

Location and Construction Types of Each Phase of Ulsan Bukhang Energy Terminal

Daewoo E&C announced on the 27th that it held a contract signing ceremony the day before for the construction work of the Ulsan North Port petroleum products and liquefied gas terminal Phase 3 LNG package, commissioned by Korea Energy Terminal (KET).

The project, which started in August this year and will continue until April 2026, involves constructing auxiliary facilities including one LNG tank with a capacity of 215,000㎘ and vaporization and sending equipment with an annual capacity of approximately 1 million tons within Ulsan North Port. Daewoo E&C formed a joint venture with SK Eco Engineering to jointly undertake all tasks as the primary contractor, including design, procurement, construction, and commissioning. The construction cost is approximately 220 billion KRW, with Daewoo E&C holding about 51% of the total project shares. Daewoo E&C and SK Eco Engineering previously won the contracts for Phase 1 in June 2020 and Phase 2 in August 2020.

Korea Energy Terminal plans to strengthen its role as an energy hub terminal in Northeast Asia by additionally constructing LNG tanks and vaporization and sending facilities at the liquefied gas and petroleum products terminal within the Ulsan North Port energy hub project site.

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