Completion of LNG Terminal in Gwangyang Works

abarrelfullabarrelfull wrote on 19 Nov 2013 09:26

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Jul. 08, 2005

On July 4th, POSCO became the first private company in Korea to complete an LNG (Liquid Natural Gas) Terminal, thus facilitating the introduction of LNG in its productions.

The LNG Terminal stores liquid LNG that is transported from overseas by an LNG vessel, and vaporizes it for supply.

Approximately 350 guests attended the completion ceremony held on the morning of the 4th including Hwan-Eik Cho, vice minister of the Ministry of Commerce, Industry and Energy; Joon-Yung Park, governor of Jeollanam-do Province; Yoon-Geun Woo, a member of the National Assembly; Moon-Hwan Kim, chairman of the Korea Electricity Commission; Sung-Woong Lee, mayor of Gwangyang City; and Anne Quinn, vice president of the BP Group of England; along with CEO Ku-Taek Lee of POSCO and many other executives and employees of POSCO.

POSCO's LNG Terminal possesses two 100,000kl storage tanks in a 297,522m2 site near Gwangyang Works. It can store and supply up to 1.7 million tons of LNG a year.

POSCO will directly import 1.15 million tons of LNG through Gwangyang LNG terminal, supplying 300,000 tons to Pohang Works, 250,000 tons to Gwangyang Works, and 600,000 tons to SK Group's K-Power Generation Plant.

POSCO established a long-term agreement with Tangguh Consortium of Indonesia for the direct import of LNG last July 2004. In May 2005, the first LNG vessel was docked in Gwangyang LNG Terminal to unload LNG for a test operation.

With the completion of the Gwangyang LNG Terminal, POSCO expects to greatly enhance its cost-efficiency by stably supplying low-cost LNG to Pohang and Gwangyang Works.

During the completion ceremony, Hyun-Shik Chang, a senior vice president of POSCO, received the Bronze Tower Order of Industrial Service Merit for his contribution to the development of Korea's gas industry and the construction of the Gwangyang LNG Terminal. In addition, Jong-Gyu Kim of Daelim Industrial Co., Ltd. received the Tin Tower Order of Industrial Service Merit, and Young-Tae Kwon, senior vice president of POSCO, and Il-Sang Park, director of Daewoo E&C, both received Industrial Service Medals.

During the ceremony, Hwan-Eik Cho, vice minister of the Ministry of Commerce, offered his praise of POSCO by saying, "POSCO has contributed to the development of Korea's gas industry by becoming the first private company in Korea with an LNG terminal, thus enabling the direct import of LNG." Governor Joon-Yung Park of Jeollanam-do Province, and Yoon-Geun Woo, a member of the National Assembly, also delivered congratulatory commentaries to celebrate the completion of POSCO's LNG Terminal.

In his speech, CEO Ku-Taek Lee stated that he "appreciates all the effort put forth by the construction management teams and our staff on the path to achieving today's completion."

He added, "Our LNG Terminal has been constructed to more actively respond to strengthening domestic and international environmental regulations, and POSCO will do its best to replace the fuel usage in the steelworks with LNG, a clean fuel, to achieve further growth with local communities through environmental purification."

LNG does not generate any sulfur oxides, carbon monoxide, or dust, and is known as an environmentally clean energy source with over 28% less carbon generation than power plants using crude petroleum.

Pohang and Gwangyang Works will now use LNG instead of crude petroleum for its power generation to effectively respond to carbon restrictions set by the United Nations Framework Convention on Climate Change.

POSCO's use of LNG will also greatly contribute to improving the environments of local communities. During the completion ceremony, President Lee awarded appreciation plaques of gratitude to the construction management teams of Daelim Industrial Co., Ltd. and Daewoo E&C. The LNG Project Team as a group was also awarded a medal of gratitude during the executive meeting on July 5th.

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