Korean LNG expansion
May 27 (LNGJ) - South Korean project company GS Engineering and Construction is advancing with plans to build an LNG import terminal in the southwestern city of Yeosu in South Jeolla Province, which would be Korea’s eighth import facility. GS Engineering estimates the terminal will cost around 600 billion South Korean won ($440M) and will have two LNG storage tanks, each with a capacity of 200,000 cubic metres as well as auxiliary facilities and port infrastructure.
The company added that once completed by around 2028, the terminal would supply regasified LNG to industrial companies and power plants at the national industrial complex at Yeosu. The oldest Korean terminal was completed in 1986 at Pyeong-Taek, followed by an expanded network comprising Incheon (1996), Tong-Yeong (2002), Gwangyang (2005), Samcheok (2014), Boryyeong (2016) and Jeju (2019).
Korea Electric Power and Korea Gas still carrying high debt levels though falling LNG prices brings some relief
The largest South Korean power and natural gas companies with liquefied natural gas commitments including imports and purchases have seen their current debts staying at high levels because of last year’s higher commodity prices and increasing interest rates.
South Korean LNG imports are steady as storage increases and deliveries set to match the levels of last year
The South Korean government said that liquefied natural gas imports have remained steady and measures were being taken to boost storage for the winter because of continued global geopolitical uncertainties.
South Korea fills LNG supply and storage gap as facility is completed on resort island of Jeju
South Korea has completed the construction of a liquefied natural gas storage and distribution facility on the southern resort island of Jeju to help bring security of power supply while reducing emissions.
South Korea set to raise LNG supply target to make up for nuclear and coal plant closures
South Korea is expected to raise its liquefied natural gas requirements and could see its LNG imports jump to 40 million tonnes a year for the first time as it builds more regasification infrastructure and follows Japan in closing nuclear power plants.
South Korea continues expansion of LNG import terminals for new Australian and US volumes
South Korea is continuing to expand its liquefied natural gas infrastructure as it imports more volumes from new plants in Australia and from other liquefaction and export facilities coming on stream over the next two years on the US Gulf Coast.
