Regional LNG: Posco to expand LNG terminal capacity

South Korea's largest steelmaker, said Friday a liquefied-natural-gas (LNG) terminal it is building on the south coast will process more gas than initially planned, yonhap reported.

The steelmaker said it will spend an extra US$243.5 million for the project at its steelworks in Gwangyang, 423 kilometers from Seoul, to process 3 million more tons of LNG annually.

The expansion work will be finished by 2008, POSCO said.

In July, POSCO signed an agreement to import 550,000 tons of LNG annually from the Tangguh gas field in Indonesia, becoming the first private company to directly import LNG from overseas.

The LNG terminal, which will store and process LNG for use at POSCO's steelworks, will process 1.7 million tons of LNG annually when completed next June.(*)