Daewoo Engineering completes Phase 3 of Ulsan North Port LNG terminal

Daewoo Engineering & Construction announced Thursday that it has successfully completed Phase 3 construction of the liquefied gas and petroleum products terminal at Ulsan North Port, finishing all follow-up procedures including initial operational stabilization and handover to the client.

The Phase 3 project was commissioned by Korea Energy Terminal, a joint venture established by Korea National Oil Corporation and SK Gas. The scope of work covered construction, at Ulsan North Port, of a liquefied natural gas (LNG) storage tank with a capacity of 215,000 kiloliters, a vaporization and send-out facility rated at 180 tons per hour, and associated infrastructure.

Daewoo Engineering & Construction carried out the project jointly with SK Eco Engineering, serving as lead contractor and overseeing all aspects of engineering, procurement and construction (EPC). The contract value was approximately 223.5 billion won ($150 million, excluding VAT), and the construction period ran 45 months from July 2022 to April 2026. After obtaining the final completion certificate, the company concluded all remaining procedures and formally closed out the project in June.

The terminal receives LNG offloaded from vessels, stores it in the tank, and then regasifies it for supply to power plants and industrial customers. The project is expected to strengthen the country's natural gas supply infrastructure and enhance the competitiveness of South Korea's domestic energy network.

The completion reinforces Daewoo Engineering & Construction's track record in domestic LNG infrastructure, where it has now built a total of 25 LNG storage tanks. The company has established full EPC capabilities across the LNG value chain — spanning storage tanks, vaporization and send-out facilities, and LNG terminals, as well as liquefaction plants and central processing facilities. By executing Phases 1, 2 and 3 of the Ulsan North Port LNG project and Phase 1 of the oil terminal project in succession, the company has cemented its position as a leading LNG terminal contractor in South Korea.

Daewoo Engineering & Construction has also become the first South Korean construction company to secure prime EPC contractor status for LNG liquefaction plants. The company has built a strong global footprint through projects including LNG Trains 1, 2, 3, 5, 6 and 7 in Nigeria and the Mozambique LNG project. It plans to continue expanding into new opportunities in both its existing strategic markets and the broader global LNG sector.

"The successful completion of Phase 3 of the Ulsan North Port LNG terminal again demonstrates Daewoo Engineering & Construction's accumulated LNG EPC expertise and reliable project execution capabilities," a company official said. "Drawing on our extensive experience in LNG infrastructure construction, we will continue to strengthen our competitiveness in securing new contracts in both domestic and overseas LNG terminal and energy infrastructure markets."

Meanwhile, Daewoo Engineering & Construction is actively pursuing overseas expansion, including broadening real estate development cooperation through a mixed-use development project in Indonesia.