POSCO Energy Expands Business for Full-Scale Operation of LNG Terminal

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[Asia Economy Reporter Park So-yeon] POSCO Energy has launched a full-scale LNG terminal business based on 50 years of LNG power generation know-how.

POSCO Energy announced on the 20th that it finalized the acquisition of the terminal by receiving the Gwangyang LNG Terminal Tank No. 5 from POSCO on the 14th. With this, POSCO Energy now owns a total of five LNG tanks, including the currently operated Tanks No. 1 to 4 and the newly received Tank No. 5. The storage capacity reaches approximately 730,000㎘.

The Gwangyang LNG Terminal Tank No. 5, completed in December 2019, has a capacity of 200,000㎘ and entered full commercial operation on the 14th after a pilot operation period for stable operation. POSCO Energy plans to lease Tank No. 5 to domestic and international direct importers.

POSCO Energy's LNG terminal business began with the acquisition of the Gwangyang LNG Terminal from POSCO in September 2019, as part of the 'Group LNG Business Restructuring,' one of the '100 Reform Tasks' announced on the 100th day of Chairman Choi Jeong-woo's inauguration in November 2018.

Along with the commencement of commercial operation of Gwangyang LNG Terminal Tank No. 5, POSCO Energy is also intensifying its LNG shipping preparation service, the Gas Trial business. On the 16th, POSCO Energy conducted the first overseas shipping company gas trial service for the British shipping company Cheniere’s 174,000-ton LNG carrier.

Jung Ki-seop, President of POSCO Energy, stated, "We plan to stabilize the Gwangyang LNG Terminal, which has started full operation, at an early stage to lay the foundation for expanding domestic and international gas infrastructure projects," adding, "We will create a business structure that allows POSCO Energy to grow into a global integrated energy company."

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