[Asia Economy Reporter Ryu Tae-min] Hanyang announced on the 16th that it has received construction plan approval from the Ministry of Trade, Industry and Energy for the No. 3 and No. 4 LNG storage tanks (200,000㎘ class, perspective view) of the 'Northeast Asia LNG Hub Terminal.'
Hanyang is currently constructing the No. 1 and No. 2 LNG storage tanks on Myodo Island, Yeosu-si, Jeollanam-do. With the additional approval for the No. 3 and No. 4 storage tanks, government approval for a total of four LNG storage tanks has been completed, enabling stable project advancement.
The 'Northeast Asia LNG Hub Terminal,' in which Hanyang is investing 1.2 trillion KRW by 2025, is currently undergoing the first phase of the project, which includes four 200,000㎘ class LNG storage tanks, vaporization and delivery facilities, and wharf construction. Upon completion of the first phase, LNG will be supplied to domestic power generation and industrial demand sectors, while the business scope will continue to expand into LNG bunkering, trading, hydrogen industry, and cold storage utilization.
Hanyang has formed a dedicated organization and proceeded with business planning and licensing procedures to establish the 'Northeast Asia LNG Hub Terminal' as a Northeast Asian energy hub capable of LNG storage, supply, and trading.
Construction of the No. 1 and No. 2 storage tanks began last year and is progressing smoothly. This time, with the Ministry of Trade, Industry and Energy’s approval of the construction plan for the No. 3 and No. 4 storage tanks, Hanyang has established itself as a purely commercial LNG terminal operator.
The 'Northeast Asia LNG Hub Terminal' being developed by Hanyang on Myodo Island, Yeosu-si, Jeollanam-do, is the first purely commercial LNG terminal in Korea, not for Hanyang’s own consumption. Hanyang also announced plans to develop a hydrogen complex utilizing LNG infrastructure through this project.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
