Innovative Cryogenic High-Manganese Steel Implemented in Gwangyang LNG Terminal 1
Key Ideas
  • POSCO International completes the construction of Gwangyang LNG Terminal 1, utilizing cryogenic high-manganese steel in Storage Tanks No.5 and 6 for the first time in Korea.
  • The terminal enhances energy security and meets the rising demand for LNG in South Korea, with plans for Gwangyang LNG Terminal 2 receiving significant investment to increase capacity.
  • The project highlights the commitment to industry resilience amidst international energy supply uncertainties, with a focus on advancing the blue hydrogen project and digital transformation in energy management.
  • Despite the 22-year construction period, the project at Gwangyang Bay celebrates completion without any major incidents, as POSCO looks to strengthen the midstream sector and develop complementary projects like LNG carrier services and bunkering.
POSCO International has successfully completed the construction of Gwangyang LNG Terminal 1 in Gwangyang, South Korea, after a 22-year project valued at KRW1.45 trillion. The terminal boasts Storage Tanks No.5 and 6, which are the first in Korea to feature cryogenic high-manganese steel, offering exceptional impact toughness and durability at temperatures below -162℃, ideal for liquefying LNG. This milestone not only elevates the port facility's storage capacity to 180,000 cubic meters but also caters to Korea's industrial needs for natural gas in power generation and manufacturing. The project's success has garnered attention from government and client companies, emphasizing the importance of energy security and meeting the surging LNG demand. Additionally, plans for Gwangyang LNG Terminal 2, with a substantial investment of KRW930 billion, signify a strategic move towards expanding capacity. Amidst global energy uncertainties, stakeholders like Choi Nam-Ho emphasize the industry's commitment to mitigating impacts and ensuring stability in energy supply. POSCO's future plans involve strengthening the midstream sector and introducing projects like LNG carrier services and bunkering, aligning with efforts to advance the blue hydrogen project. CEO Lee Kye-In commends the workforce for achieving the project without major incidents, highlighting the company's dedication to operational excellence. With a focus on digital transformation initiatives, POSCO aims to optimize energy management and enhance competitiveness in the global market. The article also references a report by IEEFA, raising concerns about South Korea's LNG import infrastructure's overinvestment and overcapacity risks. Despite the challenges, the completion of Gwangyang LNG Terminal 1 signifies a significant milestone in South Korea's energy landscape, marking a step towards a more resilient and efficient energy future.
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