FLNG is rising in importance to South Korea, and the country's fourth regasification terminal is about to open. The three existing regas terminals: Pyeongtaek (November 1986), Incheon (October 1996), and Tongyeong (September 2002) together provide 4 million tons of storage capacity.
The new regas terminal, at Samcheok, on the northeast coast, will add 1.1 million ton capacity.
Plans are also underway for a small-sized terminal at Jeju Island, off the southeast coast, to begin operation in late 2017.
Korea Gas Corp. (KOGAS) was established by the South Korean government in 1983 as the nation’s public gas utility and has grown to become the world’s largest LNG buyer. Headquartered in Seongnam, Gyeonggi, it operates three LNG regasification terminals and 2721km of natural gas pipelines within the country, with nearly 3000 employees. KOGAS is controlled by Korea’s Ministry of Strategy and Finance (26.86%), Korea Electric Power Corp. (24.46%), and local governments (9.59%). Foreign holdings in KOGAS have dropped to below 12%.
KOGAS is expanding its reach in LNG markets. It has had a monopoly on natural gas wholesaling and construction and operation of LNG storage tanks and nationwide pipelines.
Last October, Jeong Wook Khang Ph.D., Principal Researcher at Korea Gas Corp.’s Center for Economics & Management, speaking at the 11th FLNG Asia Pacific Summit in Seoul, said that an additional 754km of natural gas pipeline would be completed by 2016, for a total net worth of 4312km across South Korea.
Map at right courtesy of KOGAS.
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