The South Korean companies POSCO International and LX International have unveiled plans to build an LNG terminal in the city of Dangjin, in the province of Chungnam (South Korea), which will have a regasification capacity of 3.5 Mt/year of LNG. The completion date for the project is set for 2027. The Dangjin LNG Terminal will have two LNG storage tanks with a capacity of 270,000 m3 each, as well as two regasification units, an LPG vapor heat treatment facility, and a jetty for LNG carriers.
In 2022, POSCO International merged with POSCO Energy to establish a value chain encompassing LNG exploration, production, storage, and power generation. In 2005, POSCO International was the first Korean private company to start commercial operation of the 4.2 Mt/year Gwangyang LNG Terminal, where it currently operates the LNG tanks of units 1 through 5.
In 2021, South Korea imported nearly 61 bcm of LNG and had a regasification capacity of 106.7 Mt/year. All of South Korea’s natural gas imports are LNG.