South Korean public natural gas company Korea Gas Corporation (KOGAS) Sunday said it is planning to make the business of liquefied natural gas (LNG) bunkering a new area of focus, according to The Korea Herald.
“We will expand the supply of natural gas through our LNG bunkering business and will also try to make legal grounds for the use of LNG vessel fuel by the end of 2019,” said a KOGAS spokesperson.
The company noted an intention to work with international bunkering companies such as Shell and Mitsui to develop the LNG bunkering sector at South Korea.
The firm also intends to participate in discussions for the standardisation of LNG bunkering facilities and procedure with international non-governmental organisation Society for Gas as a Marine Fuel.
The Korean government, meanwhile, is planning to invest $550 million to build a LNG bunkering infrastructure at the Port of Busan and the Port of Ulsan by 2025; the latter will also be supported with a marine floating bunkering terminal.
KOGAS expects the demand for LNG bunkering in the global market is estimated to reach 20 to 30 million tons per year by 2030.
The Korean Ministry of Oceans and Fisheries on Thursday (17 May) introduced plans to revitalise the country’s LNG related shipbuilding industry.
Related: South Korea to ‘revitalise’ LNG-fuelled shipbuilding sector
Photo credit: KOGAS
Published: 21 May, 2018
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