‘Strengthening LNG Business’ POSCO Inter Signs Business Agreement for Dangjin Terminal

Construction of Two 270,000㎘-Class LNG Tanks by 2027

POSCO International announced on the 31st that it held the 'Dangjin LNG Terminal Local Government Business Agreement Ceremony' at the Chungnam Provincial Office together with Chungnam Province, Dangjin City, Dangjin Tank Terminal, and LX International.

The ceremony was attended by Kim Tae-heum, Governor of Chungnam Province; Oh Seong-hwan, Mayor of Dangjin; Jung Tak, Vice Chairman of POSCO International; and Yoon Chun-sung, CEO of LX International.

Bird's-eye view of Dangjin LNG Terminal [Photo by POSCO International]

Through this agreement, both companies (POSCO International and LX International) plan to construct two storage tanks and auxiliary facilities. This terminal will be built on approximately 60,000 pyeong of land within the Gode Dock at Dangjin Port, Songak-eup, Dangjin City. It will include two LNG storage tanks with a capacity of 270,000㎘ each, two vaporizers capable of processing 200 tons per hour, LPG (liquefied petroleum gas) heating facilities, and one berth for LNG vessels.

The expansion project will also contribute to revitalizing the local economy. POSCO International expects that up to 300 construction jobs will be created daily during the terminal construction period.

The target completion year is 2027, and the terminal will serve as a major LNG terminal in the West Sea region capable of processing 3.5 million tons of LNG annually.

Once the company completes the LNG tanks currently being expanded in Gwangyang and Dangjin by 2027, it will secure an LNG storage capacity of 1.87 million ㎘, approximately 2.6 times the existing 730,000 ㎘.

Jung Tak, Vice Chairman of POSCO International, stated at the agreement ceremony, “The Dangjin LNG Terminal will play a significant role in expanding the company’s energy business value chain. Amid the recent global energy supply chain crisis, we will develop this terminal into one that supports the local community and contributes to national energy security.”