Yeosu 'Myodo LNG Terminal Project' Takes Off

Government Selects Regional Revitalization Investment Fund No. 3
Total Project Cost of 1.4 Trillion Won
Green Light for 'Myodo LNG Terminal Project'

The Jeonnam ‘Yeosu Myodo Liquefied Natural Gas (LNG) Terminal Project’ has gained momentum as it was selected as the third project of the Regional Revitalization Investment Fund.

According to Yeosu City on the 12th, Choi Sang-mok, Deputy Prime Minister for Economy and Minister of Strategy and Finance, announced at the Economic Ministers' Meeting that the ‘Jeonnam Yeosu Myodo LNG Terminal’ was selected as the third project of the Regional Revitalization Investment Fund.

The 'Yeosu Myodo LNG Terminal Project' has been selected as the third project of the Regional Revitalization Investment Fund, giving a boost to its promotion.
Photo by Yeosu City

The ‘Regional Revitalization Investment Fund,’ launched for the first time this year, is a new regional investment method that promotes large-scale sustainable convergence projects desired by the region by utilizing the creative capabilities and abundant capital of the private sector.

The government finances, the fund for responding to local extinction, and KDB Industrial Bank each contribute 100 billion KRW to form a parent fund, and local governments and the private sector establish special purpose corporations (SPCs), form subsidiary funds, and raise loans to invest in regional revitalization projects totaling 3 trillion KRW.

Meanwhile, the ‘Myodo LNG Terminal Project’ is an energy project with a total investment of about 1.4 trillion KRW in the Myodo Port Redevelopment District, aiming to stably supply a large-scale 3 million tons of LNG annually to the Yeosu and Gwangyang National Industrial Complexes.

It is scheduled to be completed by December 2027, and is expected to revitalize the local economy by inducing employment of 13,000 people and production inducement worth 2.8 trillion KRW.

Earlier in June, the Myodo Port Redevelopment District was designated as a ‘Hydrogen Industry Cluster Opportunity Development Special Zone’ by the Ministry of Trade, Industry and Energy, and over the next five years, five companies including the Northeast Asia LNG Hub Terminal will invest 3.9 trillion KRW.

Jeong Gi-myeong, Mayor of Yeosu, said, “We hope that the selection for the Regional Revitalization Investment Fund will be an opportunity to enhance the competitiveness of the stagnated Yeosu National Industrial Complex,” and added, “We will make Yeosu a new industrial energy hub leading the era of energy transition.”