June 9, 2023 [Offshore Energy]- South Korean commodity trading and mining company LX International has announced it will partner with POSCO International to build LNG storage tanks and facilities in Dangjin, Chungcheongnam-do, and enter the LNG terminal business to lease and operate the facilities.
To this end, LX International, POSCO International, Dangjin Tank Terminal, Chungcheongnam-do Governor and Dangjin Mayor signed a Memorandum of Understanding (MoU) for the construction of the Dangjin LNG Terminal.
LX International said that, together with POSCO, it will promote the construction and operation of LNG tank terminals at Godae Pier, owned by LX International’s subsidiary Dangjin Tank Terminal, located in the Asan National Industrial Complex in Dangjin, Chungcheongnam-do, adding that Chungcheongnam-do and Dangjin City will provide administrative support such as licensing for the success of the project.
The LNG terminal, which will be built on an area of approximately 193,000 m2, is expected to accommodate two 270,000 kl storage tanks, LNG ship docks and additional facilities, and is scheduled to begin commercial operations in 2027.
LX International said: “We expect that our partnership in the Dangjin LNG Terminal project will result in great synergy. As the world is striving for more eco-friendly energy policies and ESG management, the demand for LNG is expected to increase, leading to more opportunities for private LNG terminal businesses. We are seeking to expand into areas related to LNG terminals, such as LNG cold energy, ammonia and hydrogen.”
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