KB News Desk
Daewoo Engineering & Construction said Thursday that it has completed construction of a liquefied natural gas and oil terminal at Ulsan.
The company said it finished all three phases of construction and related follow-up measures at the Ulsan Bukhang LNG Terminal — officially known as the Korea Energy Terminal — a joint venture between the Korea National Oil Corp. and SK Gas.
The project covers the construction of a 215,000-kiloleter LNG storage tank, a vaporization and transmission facility with a capacity of 180 metric tons per hour, and auxiliary systems at the Ulsan Bukhang.
Daewoo E&C executed the project with SK ecoplant and served as the lead contractor, overseeing the overall design, procurement and construction. The contract was valued at approximately 223.5 billion won ($150.2 million) with a construction period from July 2022 to April 2026.
Following the acquisition of a final Acceptance Certificate, the company finished the project in June.
This project established an LNG terminal that stores LNG unloaded from vessels in storage tanks, vaporizes it, and distributes it to power plants and industrial facilities. It is projected that the terminal will expand a stable supply base for natural gas and strengthen the competitiveness of Korea’s energy infrastructure.
“With our extensive experience in LNG infrastructure both in Korea and abroad, we will continue expanding our contract competitiveness in global LNG terminals and energy infrastructure markets,” an official from Daewoo E&C said.
Daewoo E&G currently has a track record of constructing 25 LNG storage tanks in Korea, with EPC capabilities across storage tanks, vaporization and transmission facilities, LNG terminals, liquidization plants and central processing facilities.
