BUSINESS

Korea Gas Corporation confident of retaining leadership in natural gas

By Shin Ji-hye
  • Published : Oct 21, 2018 - 16:24
  • Updated : Oct 21, 2018 - 16:34

The Korea Gas Corporation, a public natural gas company, is seeking to solidify its leadership in the natural gas and liquefied natural gas business with continued investment at home and abroad.

The company currently provides natural gas to more than 90 percent of the nation’s regions with its four LNG terminals, 72 natural gas storage facilities, and pipes measuring a combined 4,848 kilometers in length.

Liquefied natural gas is widely considered a “clean” fuel because dust, sulfur and nitrogen are removed in the liquefaction process, so lower levels of pollutants are emitted when it burns. It also presents a lower risk of explosion even if it leaks, as the gas tends to dissipate in the air. 
Korea Gas Corporation participates in Gastech 2018, a global exhibition and conference on the gas and LNG industries, in Barcelona, Spain, in September. (Korea Gas Corporation)

The Korea Gas Corporation has world-class LNG storage technology. LNG refers to natural gas that is cooled to about minus 162 degrees Celsius, so it can be shipped and stored in its liquid state.

Currently, the gas company has the world’s largest LNG storage capacity, 11.47 million kiloliters total, at its four LNG terminals in Pyeongtaek, Incheon, Tongyeong and Samcheok. It is slated to have two more storage tanks on Jeju Island by next year and 10 more in Dangjin, South Chungcheong Province, by 2031.

Globally, the Korea Gas Corporation is carrying out 25 natural gas projects in 13 nations. These involve LNG liquefaction, the operation of LNG terminals, the construction of gas pipes, the exploration of oil fields and the development of crude oil.

The company plans to invest around 3 trillion won ($2.6 billion) in the global projects between now and 2025, with the aim of raising the proportion of LNG produced overseas from the current 13 percent to 25 percent. 
By Shin Ji-hye (shinjh@heraldcorp.com)


LEADERS CLUB