[SPONSORED REPORT] Kogas turns to LNG cold energy in push to diversify
Published: 20 Jul. 2020, 17:34
![An aerial view of the proposed cold chain cluster, one of the projects Kogas is actively participating in. [INCHEON PORT AUTHORITY (IPA)]](https://koreajoongangdaily.joins.com/data/photo/2020/07/20/b3131ca9-b81e-4b7a-bcb1-82f938f497e2.jpg)
An aerial view of the proposed cold chain cluster, one of the projects Kogas is actively participating in. [INCHEON PORT AUTHORITY (IPA)]
Among many business models related to natural gas, Kogas is focusing on LNG cold energy. The wide usage of LNG cold energy in various industries and its potential value is expected to satisfy the company’s needs in finding new business opportunities. Also, Kogas owns five LNG terminals and numerous storage tanks and imports 33 million tons of natural gas, which clearly shows the company has the capability to enter the LNG cold energy market.
LNG cold energy is extracted by going through a process called regasification. By increasing the temperature from minus 162 degrees Celsius (minus 192 degrees Fahrenheit) to 0 degrees Celsius, liquefied natural gas becomes a gas and releases substantial cold energy. Most of that energy used to dissipate in the air, but its wide usage and high efficiency makes it a reliable resource in the future.
Kogas began its first project in Korea by providing cold energy to a logistics center located in Pyeongtaek, Gyeonggi. The liquid form of natural gas, supplied from Kogas’ LNG terminal, was used to create substantial cold energy, enabling the center to maintain the freshness of the products in its storage in an effective way.
In addition, Kogas is cooperating with the Incheon Port Authority (IPA) to establish a cold chain cluster. Large scale cold storage warehouses which use LNG cold energy will be built right next to the new Incheon Port. Since this cluster is expected to create an economic ripple effect worth 1.26 trillion won ($1.05 billion), Kogas plans to actively participate in the project and promised to increase the value of the cold chain cluster.
Kogas will do its utmost to find other business opportunities related to LNG cold energy. Since the extent of the temperature varies according to the type of project, the company plans to provide customized cold energy and enhance economic feasibility.
By Park Ji-hoon [[email protected]]
with the Korea JoongAng Daily
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