POSCO International to expand LNG terminal capacity
By: Rueters
POSCO International Corp., the trading arm of South Korea’s steel giant POSCO Holdings Co., is expanding storage capacity at its liquefied natural gas (LNG) terminal as part of its efforts to support households lower heating costs. POSCO International plans to complete the ongoing expansion work for Tank 6 by June 2024 in Gwangyang, about 400 kilometers southwest of Seoul, to increase its storage capacity to 930,000 kiloliters.
When the construction is completed, the terminal can store up to 2.13 million kiloliters of LNG. It also plans to invest 930 billion won ($755 million) to add capacity for Tank 7 and 8 by 2025. As of 2021, Gwangyang Terminal handled 3.4 million tons of LNG. The terminal is responsible for 7.4 percent of Korea’s LNG imports.
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