Executed multiple LNG projects at home and abroad with excellence, acknowledged for independent design and construction expertise in LNG terminals
Validated global competitiveness by integrating and utilizing POSCO Group’s comprehensive LNG value chain
POSCO E&C has secured a KRW 1.5 trillion contract for the Gulf MTP (Map Ta Phut) LNG Terminal project in Thailand, further expanding its presence in the global LNG market.
On June 30, POSCO E&C signed a deal with Gulf Development in Bangkok to undertake a major national infrastructure project, which includes the construction of two 250,000㎥ LNG storage tanks, unloading facilities, and regasification systems with an annual processing capacity of 8 million tons.
The Gulf MTP LNG Terminal, to be located in the Map Ta Phut Industrial Estate about 130 kilometers from Bangkok, marks Thailand’s first public-private partnership LNG terminal project. It is commissioned jointly by Gulf Development, one of Thailand’s leading private energy investors, and PTT Tank Terminal, a subsidiary of the state-owned energy company PTT.
POSCO E&C has carried out more than 20 projects in Thailand since 2002, and its track record continues to help the company stand apart in the local construction sector.
This latest contract win is particularly significant as the company secured the project through fierce competition with three global contenders from Japan, China, and Lebanon. POSCO E&C’s proven track record of successfully delivering LNG terminal projects—both domestically in Gwangyang, Jeju Aewol, and Samcheok, and internationally in Thailand and Panama—played a decisive role.
Since 2010, POSCO E&C has operated a dedicated LNG terminal business unit, executing a wide range of projects including LNG storage tanks, jetty facilities, and regasification systems. It is now recognized as the only EPC (Engineering, Procurement, and Construction) company in Korea with fully self-developed design capabilities in the LNG terminal sector.
This project also highlights the synergy across the POSCO Group, which is building a comprehensive LNG value chain covering production, transportation, storage, sales, and construction. The Gulf MTP project demonstrates POSCO Group’s ability to leverage this integrated value chain to strengthen its competitiveness in overseas markets.
In Korea, POSCO E&C recently completed the construction of LNG Tanks No. 5 and 6 in Gwangyang using POSCO’s world-first high-manganese steel, and is currently working on Tanks No. 7 and 8. Additionally, the company is constructing regasification and unloading facilities at the Dangjin LNG production base, led by Korea Gas Corporation.
A POSCO E&C official stated, “Our EPC capabilities and LNG expertise accumulated through domestic and international projects led to this achievement. It once again proves POSCO E&C’s leadership in LNG terminal construction. Going forward, POSCO Group will continue to expand into global markets by maximizing its LNG value chain.”
▲POSCO E&C signs a contract with Thailand’s Gulf Development for the Gulf MTP LNG Terminal project.
▲POSCO E&C signs a contract with Thailand’s Gulf Development for the Gulf MTP LNG Terminal project and poses for a commemorative photo.
▲A view of the PTT LNG Terminal #2 project completed by POSCO E&C in Thailand in 2017