South Korea Plans LNG Bunkering Terminals as Strategy for Dual Fuel Domination

SEOUL, July 15 (Reuters) – South Korea plans to assemble liquefied pure gasoline bunkering terminals at a few of its ports as a part of a drive to dominate the marketplace for constructing ships fuelled by each oil and gasoline.

The vitality ministry on the earth’s largest shipbuilder stated it hoped to win 70 p.c of world orders for so-called duel-fuel tankers by 2025.

LNG-fuelled tankers and the bunkering markets to help them are anticipated to develop quickly in Europe and China as restrictions on greenhouse gasoline emissions enhance curiosity in cleaner fuels akin to gasoline.

The ministry stated in an announcement that it anticipated the worldwide marketplace for manufacturing LNG-fuelled ships and modifying different vessels to take LNG to soar to a price of practically 150 trillion gained ($130 billion) in round a decade from 6 trillion gained now.

“From a long-term perspective, we will build LNG bunkering terminals at the country’s major ports where large vessels arrive and depart,” the ministry stated on Wednesday. Bunkering refers back to the technique of refuelling a ship.

The authorities plans so as to add an LNG bunkering terminal to a public gasoline terminal within the metropolis of Tongyeong, about 370 kilometres south of Seoul, by 2017 with comparable services within the cities of Gwangyang, Boryeong and Incheon later.

The world’s second-largest LNG importer additionally plans to start out working bunkering shuttles from vessels carrying LNG to those who want it as gas in 2018.

South Korea’s Hyundai Heavy Industries Co Ltd, Samsung Heavy Industries Co Ltd and Daewoo Shipbuilding & Marine Engineering Co Ltd are the world’s prime three shipbuilders. ($1 = 1,141.1500 gained) (Reporting by Meeyoung Cho; Editing by Joseph Radford)

(c) Copyright Thomson Reuters 2015.