South Korea to spend USD 155 million to commercialise LNG, ammonia and hydrogen bunker fuels
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by Admin
Editor’s note: Article title change at 9.17am on 21 November to correct USD 155 billion to million.
South Korea’s Ministry of Trade, Industry and Energy on Wednesday (15 November) said it plans to spend KRW 710 billion (USD 534 million) through 2028 in line with efforts to develop ‘next-generation ships’, including carbon-free bunker fuels.
The ministry said it will launch technological development and demonstration projects on three major carbon-free marine fuels – liquefied natural gas, ammonia and hydrogen.
Under the plan, Korea plans to spend KRW 200 billion (USD 155 million) to commercialise LNG, ammonia and hydrogen as alternative bunker fuels for maritime vessels.
“The strategy aims to reflect on-site opinions and preemptively respond to internal and external challenges for Korea to take the lead in the next-generation shipbuilding market through a public-private joint strategy on creating future growth engines and heightening the global competitiveness of Korea’s shipbuilding industry,” it said in a statement.
South Korea will also train over 3,000 personnel as core technology talents, and seek technology collaboration with overseas partners.
Photo credit: Lauren Seo on Unsplash
Published: 20 November, 2023
