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Daewoo E&C Consortium Wins Ulsan LNG Contract

Source: www.gulfoilandgas.com 6/29/2020, Location: Asia

A consortium led by South Korea’s Daewoo Engineering & Construction has won a contract to build a liquefied natural gas tank terminal in the Port of Ulsan. Daewoo E&C holds a 51 per cent of the consortium while compatriot SK E&C holds the remaining 49 per cent. Korea Energy Terminal (KET), a joint venture company for developing tank terminals awarded the deal.

Korea National Oil Corp. and SK Gas have 49.5 per cent and 45.5 per cent stakes, respectively, in the venture while Singapore’s MOL Chemical Tankers has a 5 per cent stake.

The venture previously announced plans to build a large-scale tank terminal for petroleum, natural gas and petrochemical products as part of the Port of Ulsan project.

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