South Korean construction giant GS Engineering & Construction announced Tuesday that it has won a contract worth 600 billion won ($435 million) to build a new liquefied natural gas terminal in Yeosu, South Jeolla Province.

The Northeast Asia LNG Hub Terminal Project aims to establish a large-scale energy storage facility in the southwestern city of Yeosu.

Expected to take about 42 months, the project will involve the construction of two LNG storage tanks, each with a capacity of 200,000 kiloliters, vaporization facilities, auxiliary facilities and port infrastructure.

Once completed, the terminal will serve as a storage facility for gas transported via offshore LNG pipelines, supplying it to companies and power plants at the national industrial complex in Yeosu.

Meanwhile, GS E&C has been involved in more than 10 LNG terminal projects over 27 years, beginning with the construction of the Incheon LNG Terminal in 1997 and extending to overseas projects in Thailand and Bahrain.

"Leveraging our plant technology and exceptional EPC capabilities, we are committed to prioritizing safety and quality to ensure success in this project and further strengthen leadership in the LNG terminal field," explained a GS E&C official.