“Eco-friendly energy and liquefied natural gas (LNG) are essential ‘pairs’ for each other.”POSCO Int..

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On the 23rd, POSCO International officials are working on injecting natural gas for the ship’s commissioning into the LNG carrier anchored at Gwangyang LNG Terminal.

“Eco-friendly energy and liquefied natural gas (LNG) are essential ‘pairs’ for each other.”

POSCO International Gwangyang 1st LNG Terminal visited on the 23rd. Kim Myung-kyu, general manager of Gwangyang Terminal, described the relationship between eco-friendly energy and LNG as a “fantastic partner” when he met at the top of an LNG tank about 20 stories high (55.8 meters).

“In order to compensate for the shortcomings of eco-friendly energy, which has various productions depending on the weather, such as wind and solar power, LNG storage facilities that can supply energy whenever necessary are essential,” Kim said. “LNG, which emits more than 40% less carbon than coal, is an essential resource for the eco-friendly energy transition.”

Gwangyang’s first LNG terminal, which POSCO Inter began building in 2002 and poured 1.45 trillion won into, was completed in July last year with six tanks for the first time in 22 years. POSCO International also started construction last year for Gwangyang’s second LNG terminal, which will invest a total of 950 billion won in adjacent land to add an additional pier and two 200,000 ㎘ tanks.

LNG is attracting great attention as a “bridge fuel” (an energy source used in the transition period to convert fossil fuels such as coal and oil into eco-friendly energy) during the Trump administration’s 2.0 era. U.S. President Donald Trump, who supports the use of fossil fuels, will expand oil and gas drilling and resume new licensing of LNG export terminals.

If demand for LNG surges again due to a U-turn in the era of fossil fuels, and a “money game” in which countries offer more money in kind contracts, the introduction price rises sharply. This is why it is pointed out that it is necessary to secure sufficient supplies beyond demand through LNG storage terminals and then utilize them according to price supply and demand.

POSCO International is the most active private company in the LNG business in Korea. In 2023, POSCO Energy, an affiliate of the energy sector, was merged to complete the “Total Value Chain” across LNG production, storage, and power generation. Currently, Myanmar, Indonesia, and Australia are also developing land and sea gas fields. It is creating synergy by operating domestic Gwangyang LNG Terminal and Incheon LNG power plant.

Gwangyang LNG Terminal is mainly a rental business that gives LNG storage space (tank) to companies. Major energy companies such as SK E&S and S-Oil are customers.

It serves as a storage for companies to store and supply LNG needed to generate electricity or make fuel when needed. Rental sales are around 100 billion won per year, and it is a net business with an operating profit ratio of 30-40%.

The size of Gwangyang LNG Terminal, which was experienced inside Unit 7 under construction, was overwhelming. One tank is equivalent to the size of the Gocheok Dome baseball stadium except for the stands.

A total of 1.33 million ㎘ of LNG storage capacity will be secured as of July 2026, when units 7 and 8 are completed, said Cho Seung-ryong, head of Gwangyang Terminal’s department in charge of terminal business.

In particular, high manganese steel for cryogenic temperatures developed by POSCO will be applied to units 5 and 6 completed last year and units 7 and 8 under construction. Manager Cho explained, “It has the same performance as 9% nickel steel (nine percent nickel mixed steel) developed in Japan, which was previously used, and has better cost-effectiveness.”

Gwangyang LNG Terminal is a kind of sideline and also conducts LNG ship commissioning business. It is a service that inspects whether the facility is operating normally before the ship is delivered to the shipowner by injecting a small amount of LNG.

On this day, a 165,000CBM (1 cubic meter is 1㎥) class LNG carrier was anchored for inspection. Park Jong-hoon, deputy of Dockmaster, who met on board, said, “We have to supply extreme low-temperature LNG even if it is a small amount, so if it leaks, there is a risk of damage to the ship, so the work is done carefully.” Dockmaster will serve as a safety control tower to oversee LNG unloading and transportation while communicating with ship officials and terminal personnel.

It is also preparing for the “LNG Bunkering” business as a new source of revenue. If an LNG propulsion ship (a ship using LNG as fuel) floats at sea, it is a service that supplies fuel directly to a small LNG bunkering ship. It is easy to understand when you think of an emergency refueling service in which an insurance company brings oil to a car that is out of gas. Deputy Lim Geon-ho, who is in charge of loading and unloading, said, “If the bunker business using spare time in addition to the loading and unloading business begins in earnest, the dock utilization rate will be greatly increased.”

Reporter Jung Ji-sung of Gwangyang