Posco to build first local LNG terminal

Posco Co. will build a LNG (liquefied natural gas) terminal in Gwangyang, becoming the first local private company to construct such a facility. The terminal with annual production capacity of 1.7 million tons of LNG will be completed by the end of June 2005, with total investment volume estimated to be about 322.6 billion won. The facility will also include two storage tanks capable of holding 100,000 kiloliters of LNG each, a port suitable for 138,000 cubic meter-level LNG transporter ships and other LNG -related equipment. The main construction work, including LNG tank, will be done by Daelim Industrial, while port construction project will be handled by Daewoo Engineering and Construction. Once the LNG terminal is completed, POSCO will begin directly importing LNG from SE Asia, the Middle East and Australia for use in Pohang and Gwangyang mills.

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