NEWS
POSCO Signed an MOU with Jeonnam to Invest KRW 1 T
Writer
administ
Posted at
2010-12-10
According to Yonhap News,
POSCO plans to invest KRW 1 trillion to build a factory for synthetic natural gas (SNG) at Gwangyang National Industrial Complex.
Jeonnam-do (South Jeolla Province) signed an investment MOU to build a manufacturing factory for SNG in the presence of POSCO Chairman Jeong Jun-yang and Jeonnam Governor Park Jun-yeong, Gwangyang Mayor Lee Seong-ung at the Provincial Office on November 30th.
Under the MOU, POSCO will invest about KRW 1 trillion to establish a factory which will produce 500,000 tons of SNG every year by using coals on the area of 415,000 m2 within Gwangyang National Industrial Complex by 2013.
The factory construction is part of the government’s project to nurture new growth engines, and is designed to domestically produce liquefied natural gas (LNG) which has entirely been imported.
SNG is generated through the processes of the gasification of coals at a high temperature and pressure, refinement, and synthesizing methane, which is different from the process of coal power plants. SNG is consisted of the same components with LNG, making it possible to directly replace LNG.
The new production facilities to be built in Gwangyang will minimize dust by storing coals in an airtight silo, and adopt the methanol refining process, which is a high-technology, to decrease various pollutants.
When the factory is completed, LNG will be produced domestically, generating the import substitution effect worth about KRW 200 billion.
Moreover, Korea’s steel industry can strengthen its international competitiveness thanks to the domestic production of LNG, used at steel mills. Around 450,000 and 200 new jobs will be created at the construction stage and the operation stage respectively, contributing to the regional economy.
Source Text
Source: Yonhap News (Nov. 30, 2010)
**This is an English translation of a Korean news article.
POSCO plans to invest KRW 1 trillion to build a factory for synthetic natural gas (SNG) at Gwangyang National Industrial Complex.
Jeonnam-do (South Jeolla Province) signed an investment MOU to build a manufacturing factory for SNG in the presence of POSCO Chairman Jeong Jun-yang and Jeonnam Governor Park Jun-yeong, Gwangyang Mayor Lee Seong-ung at the Provincial Office on November 30th.
Under the MOU, POSCO will invest about KRW 1 trillion to establish a factory which will produce 500,000 tons of SNG every year by using coals on the area of 415,000 m2 within Gwangyang National Industrial Complex by 2013.
The factory construction is part of the government’s project to nurture new growth engines, and is designed to domestically produce liquefied natural gas (LNG) which has entirely been imported.
SNG is generated through the processes of the gasification of coals at a high temperature and pressure, refinement, and synthesizing methane, which is different from the process of coal power plants. SNG is consisted of the same components with LNG, making it possible to directly replace LNG.
The new production facilities to be built in Gwangyang will minimize dust by storing coals in an airtight silo, and adopt the methanol refining process, which is a high-technology, to decrease various pollutants.
When the factory is completed, LNG will be produced domestically, generating the import substitution effect worth about KRW 200 billion.
Moreover, Korea’s steel industry can strengthen its international competitiveness thanks to the domestic production of LNG, used at steel mills. Around 450,000 and 200 new jobs will be created at the construction stage and the operation stage respectively, contributing to the regional economy.
Source Text
Source: Yonhap News (Nov. 30, 2010)
**This is an English translation of a Korean news article.