Daewoo Engineering & Construction (Daewoo E&C) proudly announces the successful completion of the state-of-the-art liquefied natural gas (LNG) and oil terminal in Ulsan, South Korea.
This significant project, officially named the Korea Energy Terminal and also known as the Ulsan Bukhang LNG Terminal, involved the successful culmination of all three construction phases and subsequent operational readiness measures. It stands as a pivotal joint venture between the Korea National Oil Corporation (KNOC) and SK Gas.
The comprehensive scope of the Ulsan Bukhang project included the engineering, procurement, and construction (EPC) of a massive 215,000-kiloliter LNG storage tank. Additionally, it involved advanced vaporization and transmission facilities boasting a robust capacity of 180 metric tons per hour, alongside various essential auxiliary systems crucial for terminal operations.
As the lead contractor, Daewoo E&C spearheaded this ambitious undertaking in collaboration with SK ecoplant, meticulously overseeing the entire spectrum of design, procurement, and construction activities. The significant contract was valued at approximately 223.5 billion won (or $150.2 million USD), with the construction phase spanning from July 2022 to April 2026.
The project reached its official conclusion in June, following the successful acquisition of its final Acceptance Certificate, signifying full operational readiness and compliance.
This newly established LNG terminal plays a critical role in Korea’s energy landscape. It functions by efficiently storing liquefied natural gas unloaded from specialized vessels in its advanced storage tanks, then vaporizing it for seamless distribution to vital power plants and industrial facilities nationwide. This strategic infrastructure development is set to significantly expand a stable and reliable supply base for natural gas, thereby bolstering Korea’s overall energy security and competitiveness within the global energy infrastructure market.
An official from Daewoo E&C underscored the company’s commitment, stating, “Leveraging our extensive and proven experience in critical LNG infrastructure projects, both domestically in Korea and internationally, we are poised to continuously enhance our contract competitiveness across global LNG terminal and broader energy infrastructure markets.”
Daewoo E&C boasts an impressive track record, having successfully constructed 25 advanced LNG storage tanks across Korea. This robust expertise extends to comprehensive EPC (Engineering, Procurement, and Construction) capabilities, encompassing not only state-of-the-art LNG storage tanks but also sophisticated vaporization and transmission facilities, integrated LNG terminals, cutting-edge liquefaction plants, and complex central processing facilities.
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