POSCO Constructs LNG Terminal in Gwangyang

abarrelfullabarrelfull wrote on 19 Nov 2013 09:34

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Jan. 04, 2002

POSCO will construct a LNG terminal that receives, stores, and supplies the clean fuel LNG (Liquefied Natural Gas) at the site near the Gwangyang Works. The decision was passed during POSCO's Board of Directors Meeting last December.

POSCO will invest a total of 380 billion won in the new terminal, which is expected to have an annual LNG treatment capacity of 1.7 million tons. The construction will begin at the 80,000 pyng construction site this June and is expected to be completed by March 2005.

Upon the completion of the terminal, POSCO is planning to directly import LNG from Southeast Asia, Australia, and the Middle East and use it to satisfy the consumption requirement of the works (540,000 tons annually), and for the sake of a more efficient terminal operation, will allow local power plants to jointly use the facility. In order to materialize the LNG project, POSCO established the 'LNG Terminal Project Task Force' last November.

Once the terminal is completed in 2005, POSCO will directly supply the LNG to its two works, which in turn will lead to the reduction in the annual LNG procurement cost of 14.7 billion won.

Ever since the operation of its works began in 1973, POSCO has been accumulating the skills and the know-how of gas energy recycling that uses the gas that is produced during the production process to generate electricity within the plant. Based on this know-how, POSCO plans to venture into the energy business, which is deemed as the future strategic business area, to further raise company value.

Also, the replacement of the use of crude petroleum fuel, which is used with byproduct gas as the fuel source for power plants, with the clean LNG is expected to greatly contribute to environmental improvement by reducing the amount of sulfuric materials and carbon dioxide, which constitute the largest portions of atmospheric pollution causing pollutants released by the works, that are exposed to the environment.

The current domestic LNG power plants consist of POSCO's plants in Pohang and Gwangyang, and LG's Tangjin plant. The construction of SK's Gwangyang plant, and the U.S. energy company Mirant's Youlchon plant are expected to be completed by 2005.

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