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CEO : Yoon Chun Sung
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Lx International Enters the LNG Terminal Business and Accelerates the Transition to an Eco-Friendly Business Portfolio
- 06/08/2023
- View 1747
- The company signed a memorandum of understanding with POSCO INTERNATIONAL, Chungcheongnam-do, and Dangjin City
- Two 270,000 ㎘ LNG storage tanks will be built in Dangjin, Chungcheongnam- do with ommercial operations planned for 2027
LX International has entered the liquefied natural gas (LNG) terminal business. The company is expected to accelerate the eco-friendly transformation of its business portfolio.
On May 31, LX International announced that 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’s CEO Yoon Chun Sung, POSCO INTERNATIONAL’s CEO Jeong Tak, Dangjin Tank Terminal’s CEO Kim Jun Hyoung, Chungcheongnam-do Governor Kim Tae Heum, and Dangjin Mayor Oh Seong Hwan gathered at the Chungcheongnam-do Provincial Office on the 31st and signed the memorandum of understanding (MOU) for the construction of the Dangjin LNG Terminal.
LX International, Dangjin Tank Terminal, POSCO INTERNATIONAL, Chungcheongnam-do, and Dangjin-si signed the MOU for a business partnership at the Chungcheongnam-do Provincial Office on May 31 . From the left, LX International CEO Yoon Chun Sung , Dangjin Mayor Oh Seong Hwan , Chungcheongnam-do Governor Kim Tae Heum , POSCO INTERNATIONAL Vice Chairman Jeong Tak , and Dangjin Tank Terminal CEO Kim Jun Hyoung.
LX International and POSCO INTERNATIONAL 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. In addition, 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 ㎡, about the size of 27 soccer fields, will accommodate two 270,000 ㎘ storage tanks, LNG ship docks, and additional facilities, and is scheduled to begin commercial operations in 2027.
LX International said, "LX International boasts infrastructure business capabilities through private power generation projects in Indonesia, China, and the Middle East, while POSCO INTERNATIONAL has LNG terminal operating capabilities. We expect that our partnership in the Dangjin LNG Terminal project will result in great synergy.”
The company added , “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. “W e are seeking to expan d into areas related to LNG terminal s such as LNG cold energy, ammonia, and hydrogen.
Bird's-eye view of the Dangjin LNG Terminal project site