Regional LNG: GS Caltex to build LNG terminal in South Korea

GS Caltex Corp., South Korea's second-biggest oil refiner, plans to spend US$2.1 billion by 2007 upgrading its refinery and building a new liquefied natural gas (LNG) terminal, a company spokesman said on Wednesday as reported by agencies

The report said the LNG terminal would be built with a capacity of 2.1 million tonnes per year by 2008. It did not say where the LNG would be sourced from.

The South Korean government has allowed private companies to directly import LNG, bypassing the gas monopoly Korea Gas Corp. (KOGAS), provided they use their own importing facilities and use the fuel at their own power plants.

GS Caltex is a 50:50 joint venture between South Korea's GS Holdings Corp. and Chevron Corp.(*)