Doosan Heavy grabs 550 bln-won deal to build LNG storage tanks

남광식 / 2021-07-30 13:47:59
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Doosan Heavy-LNG storage tanks
▲ This image provided by Doosan Heavy Industries & Construction Co. on July 30, 2021, shows a liquefied natural gas (LNG) storage tank complex in the coastal city of Dangjin, 123 kilometers southwest of Seoul, where Doosan Heavy will construct four additional LNG tanks by 2025. (PHOTO NOT FOR SALE) (Yonhap)

Doosan Heavy-LNG storage tanks

Doosan Heavy grabs 550 bln-won deal to build LNG storage tanks

By Nam Kwang-sik

SEOUL, July 30 (Yonhap) -- South Korea's power plant builder Doosan Heavy Industries & Construction Co. said Friday it has won a 550 billion-won (US$479.6 million) deal to construct four liquefied natural gas (LNG) storage tanks in the middle western part of the country.

To push for the deal signed with the state-run Korea Gas Corp. (KOGAS), Doosan Heavy has formed a consortium with Ku Il Construction Co., a local small builder, the company said.

Doosan Heavy has taken 90 percent of the 610 billion-won deal, with Ku Il Construction holding the rest, Doosan Heavy said in a regulatory filing.

The four LNG tanks will be built in the coastal city of Dangjin, 123 kilometers southwest of Seoul, by 2025 to meet the growing demand for LNG in the country, Doosan Heavy said. A tank has a storage capacity of 270,000 LNG kiloliters.

Doosan Heavy said the country's annual demand for LNG is predicted to grow 53 million tons by 2034 from the current 46 million, citing the government's long-term natural gas provision plan.

As of 2020, South Korea was the world's third-largest LNG importer following Japan and China.

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