- On the 22nd, Chairman Chung Mong-gyu conducted an
inspection at the Tongyeong Eco Power Construction Site.
- Inspection of the Tongyeong Natural Gas Power Plant,
scheduled to begin commercial operation in July 2024, and discussions with
employees were held.
- HDC Group aims to establish a sustainable business
platform through the expansion of energy-related businesses and integrated
projects.
Chung Mong-gyu, HDC Group Chairman, inspected the construction site of the Tongyeong Eco Power on the 22nd, which is set to undergo testing at the end of this year, and reviewed the progress of the project.
During his visit, Chairman Chung Mong-gyu was accompanied by
HDC Group's key executives, as well as strategic investors in the Tongyeong
Natural Gas Power Project, including Kim Hee-cheol, CEO of Hanwha Energy. The
construction of the Tongyeong Eco Power site, where construction work is in
full swing for the upcoming end-of-year testing, was observed. During his
visit, Chairman Chung Mong-gyu also engaged in discussions with on-site
employees and inspected the progress of the construction.
In addition, he visited the nearby gas facility, Tongyeong
LNG Receiving Terminal, guided by Kim Jong-sung, Head of Gijibonbu at Korea Gas
Corporation, to understand the major facilities in the area.
Chairman Chung Mong-gyu stated, "Tongyeong Eco Power
will play a pivotal role in HDC Group's future-focused green energy business,
contributing not only to the stability of the national power supply but also to
the economic revitalization of Tongyeong." He emphasized, "Let's
remain vigilant until the end and prioritize safety throughout the construction
process." He also added, "This project, which is being carried out
with the collective efforts of strategic partners such as Hanwha Energy, Hanwha
Construction, Korea Gas Corporation, and the Ministry of Trade, Industry, and
Energy, is expected to be recognized as a successful venture for both the
public and private sectors."
HDC Group's Tongyeong Eco Power is a private project
advancing the Tongyeong Natural Gas Power Project, undertaken by HDC Group to
stabilize South Korea's power supply and boost local economy. HDC (60.5%),
Hanwha Energy (26.5%), and Hanwha (13%) are major shareholders. The project was
included in the 6th Basic Plan for Power Supply and Demand released by the
government in 2013 and further reflected in the 9th Basic Plan in December
2020. With an investment of about 1.3 trillion KRW in the Gasa Industrial
Complex in Tongyeong, Gyeongsangnam-do, the construction of the LNG power
plant, which includes a 1,012MW natural gas-fired unit and a 200,000kL LNG
tank, was about 70% complete as of May. Commercial operation is scheduled to
begin in December this year, with completion set for June 2024.
Tongyeong Eco Power is also contributing to the local
economy. During the construction period, an average of around 900 workers per
day, totaling 700,000 people annually, are being employed, infusing vitality
into the local economy. Additionally, the project is prioritizing the
procurement of local personnel and equipment. Tongyeong City and Goseong County
in Gyeongsangnam-do have also benefited from the project, attracting population
influx and receiving special support for the area surrounding the power plant
from the government.
HDC Group has focused on venturing into South Korea's energy
sector, which has high energy dependence, to create a business framework that
enhances national competitiveness. The selection of the Tongyeong Eco Power
site was a meticulous process. HDC acquired land adjacent to the Tongyeong LNG
Production Base operated by Korea Gas Corporation and became the first to agree
on facility usage with Korea Gas Corporation, enabling shared use of LNG
storage tanks between Tongyeong Eco Power and Korea Gas Corporation. Moreover,
Tongyeong Eco Power actively utilized its geographical advantage, including
direct import of LNG into the plant through Korea Gas Corporation's LNG
terminal facilities. This allowed Tongyeong Eco Power to secure cost
competitiveness in power generation, while Korea Gas Corporation benefitted by
generating revenue through facility usage fees and entrusted terminal
operation. As a result, a win-win business structure was formed between a
public entity and private enterprise.
A representative of Tongyeong Eco Power stated, "The
Tongyeong Natural Gas Power Project is HDC Group's first venture into the
energy development sector, and it has been meticulously planned and executed in
terms of business feasibility, economic viability, profitability, and
expansibility." The representative emphasized, "As the Tongyeong
Natural Gas Power Plant construction project employs only clean fuel LNG, it
will simultaneously boost the economy and contribute to the environment,
ultimately promoting the future growth of the region."
<Photo 1> HDC Group Chairman Chung Mong-gyu, along
with HDC Group executives and representatives from Hanwha Energy and Hanwha
Construction, visited the Tongyeong Eco Power site in Gyeongsangnam-do,
Tongyeong City, located in the Gijang National Industrial Complex, on the 22nd for
an inspection. (From left to right: Lee Heung-bok, CEO of Tongyeong Eco Power;
Chung Mong-gyu, HDC Group Chairman; Park Jin-ho, Head of Construction
Management at Tongyeong Eco Power)
<Photo 2> HDC Group Chairman Chung Mong-gyu, along
with HDC Group executives and representatives from Hanwha Energy and Hanwha
Construction, visited the Tongyeong Eco Power site in Gyeongsangnam-do,
Tongyeong City, located in the Gijang National Industrial Complex, on the 22nd
for an inspection. (From the third person on the left in the first row: Choi
Ik-hoon, CEO of Hyundai Development Company; Chung Kyung-gu, CEO of HDC; Chung Mong-gyu,
HDC Group Chairman; Kim Hee-cheol, CEO of Hanwha Energy; Yoo Byung-kyu, Vice
Chairman of Hyundai Development Company)
<Photo 3> A panoramic photo of the Tongyeong Natural Gas Power Plant located in the Gijang National Industrial Complex in Tongyeong, Gyeongsangnam-do.