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LX International enters LNG terminal business

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LNG Industry,

LX International has entered the LNG terminal business. The company is expected to accelerate the eco-friendly transformation of its business portfolio.

On 31 May 2023, 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 and signed the memorandum of understanding (MoU) for the construction of the Dangjin LNG terminal.

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 m3, will accommodate two 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.”

“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 terminal s such as LNG cold energy, ammonia, and hydrogen.”

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