GS Construction Wins 600 Billion KRW Contract for Yeosu 'Northeast Asia LNG Hub Terminal'

GS Engineering & Construction announced on the 30th that it has won the contract for the 600 billion KRW 'Northeast Asia Liquefied Natural Gas (LNG) Hub Terminal' construction project in Yeosu, Jeollanam-do.

Yeosu 'Northeast Asia LNG Hub Terminal' Bird's-eye View / Image Courtesy of GS Engineering & Construction

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The project was commissioned by Northeast Asia LNG Hub Terminal (Hanyang 60% · GS Energy 40% stake), and GS Engineering & Construction secured the first phase of the project. The construction involves building two LNG storage tanks of 200,000㎘ (kiloliters) each, vaporization and transmission facilities, auxiliary equipment, and port facilities on the port redevelopment site in the Mododong area of Yeosu. The construction period is approximately 42 months.

Upon completion, the berth facilities will enable gas brought in from LNG carriers at sea to be stored in the tanks and then supplied stably to companies and power plants located in the Yeosu National Industrial Complex.

Since starting the Incheon LNG Terminal construction in 1997, GS Engineering & Construction has carried out more than 10 LNG terminal projects over 27 years. Currently ongoing projects include phases 2 to 4 of the Boryeong LNG Terminal, and overseas projects include the Thailand PTT LNG Terminal and Bahrain LNG Terminal.

A GS Engineering & Construction official stated, "We were awarded the LNG terminal project in recognition of our accumulated capabilities in LNG terminal and plant design, procurement, and construction (EPC) over many years. We will prioritize safety and quality to successfully complete the project and solidify our position as a leader in the LNG terminal sector."

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