SEOUL: Korea Gas (Kogas) will build the country’s fifth LNG-import terminal, comprising 10 200,000 mᶾ storage tanks and infrastructure at the west coast port of Dangjin, south of Incheon, receiving the first deliveries by 2025. The project comprises 10 LNG-storage tanks, offloading and gasification infrastructure, South Korean news agency Yonhap reports. Construction will be completed by 2031.
The world’s second-largest importer of LNG owns and operates terminals at Incheon, Pyengtaek, Tongyeong and Samcheok. Last year, South Korea imported nearly 34.2 million tonnes (mt), up 13% on-year, according to the International Group of LNG Importers. Seoul plans to liberalise LNG imports in 2025. State-owned Kogas sold more than 20.3 mt of LNG between January and August, down 1.9% on-year, according to S&P Platts. The company is seeking approval for the Dangjin project from the regional government. In July, Seoul-based energy and retail firm GS Group opened a 900 MW LNG power plant at Dangjin. The company is South Korea’s largest private power generator.
