Northeast Asia LNG Hub Terminal

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Northeast Asia LNG Hub Terminal, also known as Hanyang LNG Terminal is an LNG import terminal under construction in Yeosu, South Jeolla Province, South Korea.

Location

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Project Details

• Owner: Northeast Asia LNG Hub Terminal Co., Ltd
• Parent Company: Hanyang Group (60%), GS Holding Corp. (through its subsidiary GS Energy)(40%)
• Location: Yeosu, South Jeolla Province, South Korea
• Coordinates: 34.871552, 127.712685 (estimate)
• Type: Import
• Capacity: 3 mtpa
• Cost: US$1 billion (1.4 trillion South Korean won)
• Status: Construction
• Start Year: 2027
  • Formerly 2029
  • Formerly 2024

Note: mtpa = million tonnes per year; bcfd = billion cubic feet per day

Background

The Hanyang Corporation is planning to convert the city of Yeosu in South Jeolla Province into a hub for liquified natural gas (LNG) in the Northeast Asia. The project has been approved by the Ministry of Trade, Industry and Energy (MOTIE). The project will include LNG storage tanks, a shipping harbor, and other industrial facilities for LNG production and transport by 2024.

In May 2023, Hanyang Corporation announced that it would collaborate with the German company Linde AG to develop a cluster to produce blue hydrogen near the site of the LNG terminal. The LNG terminal was expected to be online in 2029.

In March 2024, Hanyang announced that it would collaborate with GS Energy on the facility, and that construction had begun.

In April 2025, the securing of a US$815 million (1.1 trillion South Korean won) project finance loan was announced by Hanyang. Ten institutions, including Shinhan Bank and Industrial Bank of Korea, participated as lenders in the finance deal for the project. According to an official at the Northeast Asia LNG Hub Terminal: "This project is significant in that it is the largest and first [project finance] loan agreement among the regional revitalization investment funds selected by the Ministry of Strategy and Finance through investment with the Korea Development Bank ... It seems that the participation of the [project finance] major companies was high by securing repayment stability through special [project finance] guarantees for regional revitalization by the Korea Housing & Urban Guarantee Corporation."