Doosan Heavy to build four storage tanks for Dangjin LNG Terminal Phase 1 Project

Doosan Heavy Industries & Construction announced on July 30th that it had signed a contract with Korea Gas Corporation to build four LNG storage tanks for the Dangjin LNG Terminal Phase 1 project. The contract is valued to be approximately 610 billion won.

The project, which is being pursued to promote a stable supply of LNG in South Korea, involves constructing a LNG terminal on the 890,000㎡-sized grounds of the Seokmun Industrial Complex in Dangjin of South Chungcheong Province. The storage tanks are to be built above-ground and there will be a total of four 270,000㎘ LNG tanks, the largest-to-date in South Korea, and auxiliary equipment such as cryogenic pumps, being supplied for the project. Construction will commence this coming August and is slated to be completed by December 2025.

Doosan Heavy formed a consortium with Kuil Construction, a local construction company, to participate in the competitive bid, from which they ultimately emerged as the winner. Doosan will be shouldering 90% of the consortium obligations, while Kuil Construction will be taking on 10%.

Inwon Park, CEO of Doosan Heavy’s Plant EPC Business Group, said:

“According to the ‘14th Long-Term Natural Gas Supply & Demand Plan,’ South Korea’s LNG demand is forecast to rise from 46 million tons in 2021 to 53 million tons by 2034. As we expect that the demand for LNG storage tanks will also rise accordingly, we will endeavor to win more orders in this area.”

Starting with the order for the Incheon LNG terminal storage tank units 11 and 12 which the company won in 1997, Doosan Heavy has successively won orders for a total of nine LNG storage tanks, including the order for Pyeongtaek LNG storage tank units 18 and 19 which was won in 2007, the Tongyeong LNG storage tank units 15 and 16 and the Samcheok LNG storage tank units 5 to 7.