POSCO to sell off Gwangyang LNG terminal

POSCO of South Korea is about to sell off its LNG terminal in Gwangyang

The sale comes as a part of  the company’s strategy to secure additional cash “by selling shares of its highly profitable businesses and improve its financial structure by restructuring non-core businesses,” it said in a statement.

Back in July 2004, POSCO was the first to sign a contract to import the LNG produced in the Tangguh gas field in Indonesia. POSCO completed the Gwangyang LNG terminal in 2005.

This terminal, which is the only privately owned LNG terminal in South Korea, has the capacity to store 530,000 cbm of LNG in its four tanks, with various clients in Korea as well as overseas.

LNG World News Staff, July 31, 2014; Image: POSCO