Hanyang Accelerates 'Northeast Asia LNG Hub Terminal' Development in Partnership with GS Energy

Shareholders Sign Agreement for Joint Promotion
Sharing Know-How on Facility Development and Operation

Mid-sized construction company Hanyang is accelerating the ‘Northeast Asia Liquefied Natural Gas (LNG) Hub Terminal’ development project in partnership with GS Energy.

On the 27th, Hanyang announced that it signed a shareholder agreement with GS Energy to jointly promote the ‘Northeast Asia LNG Hub Terminal’ development project located in Myodo, Yeosu, Jeollanam-do.

Through this agreement, both companies will share the technology and experience necessary for the construction and operation of facilities such as LNG production, storage, and distribution. They plan to successfully build the LNG hub terminal and develop it as a center for clean energy.

Hanyang will lead the development of the 3.12 million square meter Myodo port redevelopment site and the construction of upper facilities such as LNG storage tanks and berthing piers. Additionally, Hanyang and GS Energy plan to jointly pursue the discovery of demand sources necessary for the operation of the LNG terminal. Hanyang and GS Energy will hold 60% and 40% stakes, respectively, in the special purpose corporation ‘Northeast Asia LNG Hub Terminal Co., Ltd.’ established to carry out this project.

The Northeast Asia LNG Hub Terminal project involves the construction of four 200,000㎘ class LNG storage tanks approved by the Ministry of Trade, Industry and Energy, as well as LNG storage tanks, vaporization and sending facilities, and a pier facility with a maximum capacity of 100,000 tons. Following this agreement, construction of LNG storage tanks No. 1 and 2 will commence, aiming for commercial operation by the end of 2027. Through this, the LNG terminal business capabilities will be enhanced, and it will be established as a purely commercial LNG terminal providing services to store and ship LNG to various demand sources such as global LNG traders.

A Hanyang official stated, “The collaboration between the two companies, which have secured construction and business operation capabilities in the energy sector, will not only ensure stable demand sources but also accelerate the actual project implementation, including the construction of upper facilities.” He added, “We plan to strengthen cooperation with the government and local governments for the successful promotion of the project in the future.”

Hanyang plans to build a business value chain not only for LNG but also for hydrogen, CCUS (carbon capture, utilization, and storage technology), ammonia, and district energy, establishing the ‘Myodo Eco Energy Hub.’ This project aims to build a carbon-neutral ecosystem in the Myodo area, including an LNG terminal, LNG and hydrogen fuel cell power complexes, and is a regional balanced development policy task promoted by Jeollanam-do in cooperation with the government. The estimated total project cost is approximately 15.5 trillion KRW.

GS Energy is building a foundation for new businesses for sustainable growth in four areas: leading the smart power solutions market, establishing a circular resource ecosystem, expanding the green power portfolio, and leading the reorganization of clean hydrogen economic infrastructure by composing a new portfolio reflecting future energy trends and market changes. In particular, to contribute to achieving a carbon-neutral society through energy transition, GS Energy is steadily discovering new businesses such as establishing the ‘electric vehicle charging value chain’ and the ‘closed-loop resource circulation system for waste battery recycling business.’