Daewoo JV to Build Korean LNG Terminal

A 51:49 joint venture between South Korea's Daewoo Engineering & Construction and SK E&C has won a contract to build an LNG storage terminal in the country's port of Ulsan, Daewoo said on June 29.

The order was placed by Korea Energy Terminal, which is 49.5% owned by Korea National Oil Corp, 45.5% by SK Gas and 5% by MOL Chemical Tankers, and is worth won 3.243 trillion ($2.7bn). The project is scheduled for completion in 2024.