Ulsan LNG Terminal
| Part of the Global Gas Infrastructure Tracker, a Global Energy Monitor project. |
Ulsan LNG Terminal, also known as Korea Energy Terminal, is an LNG import terminal in South Korea with units that are operating and in construction.
Location
Table 1: Location details
| Name | Location | Coordinates (WGS 84) |
|---|---|---|
| Phase 1 (Tanks 1-2) | Ulsan Clean Energy Complex, South Chungcheong, South Korea[1] | 35.501837, 129.396566 (approximate) |
| Phase 2 (Tanks 3-4) | Ulsan Clean Energy Complex, South Chungcheong, South Korea[1] | 35.501837, 129.396566 (approximate) |
| Phase 2 (Tanks 5-6) | Ulsan Clean Energy Complex, South Chungcheong, South Korea[1] | 35.501837, 129.396566 (approximate) |
The map below shows the approximate location of the terminal:
Project Details
Table 2: Infrastructure details
| Name | Facility type | Status | Capacity | Total terminal capacity | Offshore | Associated infrastructure |
|---|---|---|---|---|---|---|
| Phase 1 (Tanks 1-2) | import[2] | operating[3] | 2.4 mtpa[4] | 7.2 mtpa | False | Ulsan GPS power station[5] |
| Phase 2 (Tanks 3-4) | import[2] | construction[6] | 2.4 mtpa[7] | 7.2 mtpa | False | Ulsan GPS power station[5] |
| Phase 2 (Tanks 5-6) | import[2] | construction[6] | 2.4 mtpa[7] | 7.2 mtpa | False | Ulsan GPS power station[5] |
Table 3: Cost
| Name | Facility type | Cost | Total known terminal costs |
|---|---|---|---|
| Phase 1 (Tanks 1-2) | import[2] | –[5] | US$960,000,000 |
| Phase 2 (Tanks 3-4) | import[2] | –[5] | US$960,000,000 |
| Phase 2 (Tanks 5-6) | import[2] | –[5] | US$960,000,000 |
Financing
No financing data available.
Table 4: Project timeline
| Name | Facility type | Status | Proposal year | FID year | Construction year | Operating year | Inactive year |
|---|---|---|---|---|---|---|---|
| Phase 1 (Tanks 1-2) | import[2] | operating[3] | – | – | 2020[6] | 2024[8][8][3] | – |
| Phase 2 (Tanks 3-4) | import[2] | construction[6] | – | – | 2022[6] | –[8][7] | – |
| Phase 2 (Tanks 5-6) | import[2] | construction[6] | – | – | 2020[6] | –[7][7] | – |
Ownership
Table 5: Ownership
| Name | Facility type | Status | Owners | Parent companies | Operator |
|---|---|---|---|---|---|
| Phase 1 (Tanks 1-2) | import[2] | operating[3] | Korea Energy Terminal Co Ltd [100%][9] | SK Gas Co Ltd [47.6%]; Korea National Oil Corp | Korea Energy Terminal Co[2] |
| Phase 2 (Tanks 3-4) | import[2] | construction[6] | Korea Energy Terminal Co Ltd [100%][9] | SK Gas Co Ltd [47.6%]; Korea National Oil Corp | Korea Energy Terminal Co[2] |
| Phase 2 (Tanks 5-6) | import[2] | construction[6] | Korea Energy Terminal Co Ltd [100%][9] | SK Gas Co Ltd [47.6%]; Korea National Oil Corp | Korea Energy Terminal Co[2] |
Background
A new LNG import terminal is under development in Ulsan, South Korea, sponsored by Korea National Oil Company, SK Gas, and MOL Chemical Tankers. The terminal will initially import 2.4 mtpa LNG, which will supply Ulsan GPS power station and a SK Multi Utility facility, as well as support LNG bunkering.[10]
The terminal will have six 215,000 m³ storage tanks, and as of November 2022, two are complete. 2022 is presumed to be the construction start year.[11]
As of April 2024, the terminal had received its first cargo and began commissioning. Commercial operations were expected to begin in Q2 2024.
The projecet is believed to have received equity financing from SK Gas and Korea National Oil Corp, as well as loans from Kyobo Life Insurance Co Ltd, Saemaul Geumgo Central Association, Industrial Bank of Korea, National Credit Union Federation of Korea, Heungkuk Life Insurance Co., Ltd., Export-Import Bank of Korea. Various bonds for the project were also closed in 2022, 2023, 2024, and 2025.[12][13][14]
According to GIIGNL, Korea Energy Terminal (KET) in Ulsan entered commercial operation following successful commissioning in April 2024. The terminal is being developed in phases by SK Gas and is planned to include six LNG storage tanks, each with a capacity of 215,000 m³. Once fully completed, the terminal’s total handling capacity is expected to reach 7.2 million tonnes per annum (mtpa). The first two tanks are already operational, representing 2.4 mtpa of capacity, while construction of the remaining four tanks is underway. Two additional tanks are expected to begin operations in the second half of 2026, with the final two tanks scheduled to enter operation in 2029.[7]
Alongside expanding its LNG business in line with global energy market trends, KET plans to develop additional logistics hubs for lower-carbon energy commodities including carbon capture and storage (CCS), hydrogen, and ammonia at Ulsan. SK Gas additionally plans to begin ship-to-ship LNG bunkering operations at the terminal by 2027.[15]
Articles and Resources
Additional data
To access additional data, including an interactive map of LNG terminals, a downloadable dataset, and summary data, please visit the Global Gas Infrastructure Tracker on the Global Energy Monitor website.
References
- ↑ 1.0 1.1 1.2 https://kpeg.com.vn/en/ulsan-lng-terminal-project.
{{cite web}}: Missing or empty|title=(help) - ↑ 2.00 2.01 2.02 2.03 2.04 2.05 2.06 2.07 2.08 2.09 2.10 2.11 2.12 2.13 2.14 (PDF) https://giignl.org/wp-content/uploads/2023/07/GIIGNL-2023-Annual-Report-July20.pdf.
{{cite web}}: Missing or empty|title=(help) - ↑ 3.0 3.1 3.2 3.3 https://www.giignl.org/annual-report.
{{cite web}}: Missing or empty|title=(help) - ↑ (PDF) https://giignl.org/wp-content/uploads/2024/06/GIIGNL-2024-Annual-Report-1.pdf.
{{cite web}}: Missing or empty|title=(help) - ↑ 5.0 5.1 5.2 5.3 5.4 5.5 https://www.hellenicshippingnews.com/sk-gas-to-enter-lng-bunkering-business-through-korea-energy-terminal/.
{{cite web}}: Missing or empty|title=(help) - ↑ 6.0 6.1 6.2 6.3 6.4 6.5 6.6 6.7 6.8 https://web.archive.org/web/20240206184238/https://www.businesskorea.co.kr/news/articleView.html?idxno=18556. Archived from the original on 2024-02-06.
{{cite web}}: Missing or empty|title=(help) - ↑ 7.0 7.1 7.2 7.3 7.4 7.5 (PDF) https://giignl.org/wp-content/uploads/2025/06/GIIGNL-Annual-Report-2025.pdf.
{{cite web}}: Missing or empty|title=(help) - ↑ 8.0 8.1 8.2 https://eng.skgas.co.kr/Business/lng_terminal.html.
{{cite web}}: Missing or empty|title=(help) - ↑ 9.0 9.1 9.2 http://www.ket.co.kr/eng/intro/summary/index.jsp.
{{cite web}}: Missing or empty|title=(help) - ↑ Cite error: Invalid
<ref>tag; no text was provided for refs named:2 - ↑ Cite error: Invalid
<ref>tag; no text was provided for refs named:0 - ↑ "코리아에너지터미널/사업보고서/2025.03.31". dart.fss.or.kr (in 한국어). Retrieved 2025-09-18.
- ↑ gasworld (2024-11-15). "Korea Energy Terminal launches in Ulsan". gasworld. Retrieved 2025-09-18.
- ↑ Cbonds, "Korea Energy Terminal." Accessed 18 September 2025. https://cbonds.com/company/518743/
- ↑ "Work done on Korea's oil & LNG terminal with transformation into 'carbon-neutral energy hub' next on the agenda - Offshore Energy". www.offshore-energy.biz. Retrieved 2026-05-11.
