SK Gas Ltd., the leading liquefied petroleum gas (LPG) distributor in South Korea, has successfully completed the test operation of its inaugural liquefied natural gas (LNG) terminal, marking a significant step into the LNG trading market. The facility, developed jointly with Korea National Oil Corp., is situated at the Korea Energy Terminal (KET) in Ulsan, South Gyeongsang Province.
On April 5, the Grace Cosmos vessel unloaded approximately 65,000 tons of LNG at the new terminal, paving the way for SK Gas to begin commercial operations slated for later this year. This move into the LNG sector allows SK to manage midstream activities such as storage, extending beyond its traditional focus on LPG imports.
Adjacent to the LNG terminal is Ulsan GPS, the world’s first LNG and LPG combined cycle power plant. Set to launch simultaneously with the KET, Ulsan GPS will generate 1.2 gigawatts of power, akin to the output of a nuclear plant, consuming up to 1 million tons of LNG annually.
The strategic positioning of these facilities underscores SK Gas’s ambition to transition from merely importing and distributing LPG to becoming a major player in LNG and hydrogen energy across Northeast Asia by 2030. The company’s expansion into LNG is not just a diversification of energy sources but also a robust step towards establishing a more sustainable energy portfolio.
