Project Profile
Location: Gwangyang, South Jeolla Province, South Korea
Capacity: 530,000 cbm of LNG
Start-up Year: 2005
The Gwangyang Terminal is located in Gwangyang , South Jeolla Province, South Korea. The terminal, which is the only privately owned LNG terminal in South Korea, has the capacity to store 530,000 cbm of LNG in its four tanks, with various clients in Korea as well as overseas. POSCO of South Korea is the operator and owner of the terminal.
The terminal first came into operation in mid-2005 with two storage tanks and a nameplate capacity of 1.7mtpa designed to supply a liberalising domestic electricity generation industry. In 2005 the first LNG vessel was docked in Gwangyang LNG Terminal to unload LNG for a test operation.
In July 2004, POSCO signed a contract to import the LNG produced in the Tangguh gas field in Indonesia. Only up to 1.35mtpa however has been delivered to the terminal through two sales and purchase agreements signed in 2004. South Korea’s privately-owned POSCO receive up to 550,000tpa from the BP-led Tangguh plant in Indonesia. The contracts last up to 2026.
A third storage tank was added to the receiving terminal towards the end of 2010 with a view to improving operational flexibility and catering for any additional power generation demand in the region. POSCO imports 1.15 million tons of LNG through Gwangyang LNG terminal, supplying 300,000 tons to Pohang Works, 250,000 tons to Gwangyang Works, and 600,000 tons to SK Group\'s K-Power Generation Plant.
Operators:
POSCO: Operator with 100% interest