[Asia Economy Reporter Noh Kyung-jo] The Myeodo Port Redevelopment Project in Yeosu City, Jeollanam-do, which Hanyang is promoting as a policy task for achieving carbon neutrality and balanced regional development, is being actively pursued.
Hanyang announced on the 2nd that Cho Seung-hwan, Minister of Oceans and Fisheries, visited key marine and fisheries policy sites in the Yeosu-Gwangyang area to inspect the status of ongoing projects.
On that day, Minister Cho toured the lighthouse and navigational aid facilities around Odongdo Island, as well as the marine cultural space operations. He then moved to Gwangyang Port to inspect the ground improvement progress at the Myeodo Port Redevelopment site being promoted by Hanyang. He also received explanations on the site development plan and the project status for the Northeast Asia Liquefied Natural Gas (LNG) Hub terminal, district energy, and LNG combined power generation. At the nearby construction site of the 2nd petrochemical wharf, he examined the wharf safety facilities and construction status.
The Myeodo Port Redevelopment is a project promoted by Hanyang through the special purpose corporation (SPC) Gwangyang Port Convergence Energy Hub Co., Ltd. The project involves developing approximately 950,000 pyeong (about 3.12 million square meters) of land to accommodate complex energy logistics facilities, power generation facilities, renewable energy production facilities, and future new material industry facilities, with completion scheduled by 2026. The construction of upper facilities such as the LNG terminal, combined power generation, cogeneration, and fuel cells will be completed by 2029.
The 'Northeast Asia LNG Hub Terminal' project (Phase 1), being promoted by Hanyang on the Myeodo Port Redevelopment site, has received approval for the facility construction plan for four LNG storage tanks with a capacity of 200,000㎘ each, and construction is currently underway. A total of 12 storage tanks are planned to be installed by 2030.
A Hanyang official stated, "For the success of the port redevelopment project underway in Yeosu Myeodo and the eco-energy hub creation plan, support and cooperation from local governments and the central government, as well as collaboration among private companies, are essential." He added, "Regulatory reforms related to the use of gas pipeline facilities for the Northeast Asia LNG Hub Terminal, financial support for offshore pipe rack construction, infrastructure development such as reinforcement of the power transmission system in the Yeosu-Gwangyang Bay area, and related legal amendments are urgently needed."
Regarding this, Minister Cho said, "If Myeodo, located at the center of the Yeosu-Gwangyang industrial complex where leading domestic chemical companies are concentrated, is transformed into an eco-friendly convergence energy power generation and logistics complex, it will greatly contribute not only to reducing carbon emissions but also to balanced regional development." He urged, "Please do your best to ensure that projects involving public-private cooperation for carbon neutrality can be successfully promoted."
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