• 19 Jul 2016

South Korean shipbuilders and energy firms have joined hands to establish an association dedicated to develop appropriate infrastructure for the LNG bunkering in the country.

Officials representing 21 private and state-run entities in Korea gathered to attend the inaugural meeting of the LNG Bunkering Industrial Association, including Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co., Samsung Heavy Industries Co., Korea Gas Corporation, Posco Co., Samchully Corp., GS Energy Corp. and SK Energy Co. The association was founded after four years of preparation work with an aim to foster the country’s LNG bunkering industry that is yet in its infant stage.

It has been also reported that the Korean government has been prepared to support Korean shipbuilders’ actions to expand their presence in the global LNG bunkering market. Specifically, the government plans to initiate its own standardization work for the industry to become a first mover and gain more competitiveness.

Lee Kwan-Sup, vice minister of Trade, Industry and Energy, said on the sidelines of the LNG bunkering meeting "South Korea LNG bunkering will add the country's import volume, strengthening its bargaining position, while the demand of LNG as a marine fuel is expected to climb as more vessels switch the less-polluting fuel.”