POSCO International broke ground for the 2nd LNG Terminal in Gwangyang on the nation’s southern coast on Jan. 31. The project involves the construction of two additional 200,000-kiloliter LNG tanks with the investment of a total of 930 billion won. It will be completed in 2025.

Through the facility expansion, POSCO International aims to strengthen its entire LNG value chain. The company is promoting the project to stably secure midstream infrastructure assets.

The two 200,000-kiloliter LNG storage tanks will boost the storage capacity of POSCO International’s Gwangyang LNG Terminal to 1.33 million kiloliters. When the expansion is completed by 2025, Gwangyang LNG Terminal will become the biggest private LNG terminal in Korea and the 11th largest LNG terminal in the world.

“We will strategically utilize LNG, which has unlimited potential, to ensure a continued growth of our company and the local community,” said Choi Jung-woo, chairman of POSCO Holdings.

Meanwhile, on Jan. 27, POSCO International announced its first business performance as an integrated corporation after merger with POSCO Energy. In 2022, it racked up annual sales of 41.7 trillion won and operating profits of 1.17 trillion won. It was the first time that its operating profit exceeded one trillion won.

Source: BusinessKorea