South Korean Ministry of Trade, Industry & Energy revealed intentions to construct LNG bunkering stations at major ports.
The ministry said the LNG propulsion and bunkering market is likely to continue its growth and South Korea expects to secure 70% of world’s orders for dual fuel vessels by 2020.
In its statement, the ministry said it expects the market for construction of LNG fuelled ships or converting existing vessels to run on liquefied natural gas to reach a value of close to KRW 150 trillion. It plans to centralise the technology necessary for the construction of dual-fuelled vessels in order to cut dependence on foreign technology.
The country intends to build bunkering stations and shuttle tankers so that LNG fueled vessels could arrive and depart to emission controlled areas.
According to the statement, South Korean government plans to build the first LNG bunkering facility at the port of Tongyeong by 2017. Similar facilities should follow in the cities Gwangyang, Boryeong and Incheon.
LNG World News Staff; Image: Rolls-Royce