Leading Eco-Friendly Energy City
Building a Sustainable Carbon-Neutral Ecosystem for the Future
Gwangyang City in Jeollanam-do announced on the 9th that it held a comprehensive completion ceremony for the ‘Gwangyang No. 1 LNG Terminal’ to leap forward as an eco-friendly energy leading city.
The event was attended by Jeong In-hwa, Mayor of Gwangyang; Park Chang-hwan, Vice Governor for Economy of Jeollanam-do; Kwon Hyang-yeop, Member of the National Assembly; Choi Dae-won, Chairman of Gwangyang City Council; as well as key executives from related companies and POSCO Group, including Lee Gye-in, President of POSCO International; Lee Sang-gyun, President of Hyundai Heavy Industries; Kim Hwan-yong, Vice President of Korea Gas Corporation; Choo Hyung-wook, President of SK E&S; and Lee Dong-ryeol, Director of Gwangyang Steelworks.
The Gwangyang No. 1 LNG Terminal, located on the Donghoan site of the national industrial complex, involved a total investment of 1.045 trillion KRW over 20 years. It has an LNG storage capacity of 930,000㎘ and a port facility of 180,000㎥ class. It supplies LNG for power generation and industrial processes as a national key industry, and also provides comprehensive services including unloading, storage, vaporization, and transmission of LNG directly imported by users such as POSCO, SK E&S, and S-OIL.
In addition, the Gwangyang No. 2 LNG Terminal, with a total investment of 930 billion KRW, began construction in February last year and is scheduled for completion in 2026. Upon completion, it will secure a total LNG storage capacity of 1.33 million ㎘, which is equivalent to the amount of heating gas that can be used by the entire population for 40 days.
Amid the recent global energy supply chain crisis, the reduction of coal power generation and the resulting increase in LNG demand have led countries to focus all efforts on securing energy demand sources and domestic storage infrastructure.
The completion of POSCO International’s terminal is expected to contribute to regional development by generating economic ripple effects and have a positive impact on national energy security.
Gwangyang City plans to actively foster the hydrogen industry for carbon neutrality and energy security, and aims to lead a future sustainable carbon-neutral ecosystem by building an LNG value chain, a practical eco-friendly energy source for advancing into the hydrogen economy era.
Jeong In-hwa, Mayor of Gwangyang, said, “The Gwangyang No. 1 LNG Terminal, the first private LNG terminal and the world’s first high-manganese steel LNG tank, is a very meaningful milestone as the first step toward the hydrogen economy era.” He added, “POSCO Group is not only responding swiftly to the trends of carbon neutrality and ESG management but also strengthening the energy value chain and greatly supporting Gwangyang’s leap to a future advanced materials industry hub.”
Park Chang-hwan, Vice Governor for Economy of Jeollanam-do, said, “I sincerely congratulate the comprehensive completion of the Gwangyang No. 1 LNG Terminal, the first private LNG terminal and a pivotal part of POSCO Group’s LNG value chain.” He added, “At a time when the importance of LNG, which greatly contributes to achieving carbon neutrality, is increasing, the completion of POSCO Group’s LNG value chain is expected to create synergy effects in low-carbon steel production and advanced industry investments such as secondary batteries.”
Lee Gye-in, President of POSCO International, stated, “Through digital transformation that automates and optimizes the operation and management of the Gwangyang LNG Terminal, we will ensure stable domestic energy supply and continuously strengthen competitiveness in the global energy market.”
Meanwhile, as of July, Gwangyang City has attracted investments from eight companies totaling 1.3186 trillion KRW and created 720 jobs. The city plans to accelerate efforts to achieve this year’s investment attraction goal of 3 trillion KRW to revitalize the people’s economy and foster new industries, the core tasks of the 8th term of the city administration.
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