South Korea Plans LNG Bunkering Terminals

South Korea is planning to build LNG bunkering terminals at some of its ports, Reuters reported Wednesday citing energy ministry statement.

The move is part of a drive to dominate the market for building ships fuelled by both oil and gas.

The ministry said in a statement that it expected the international market for manufacturing LNG-fuelled ships and modifying other vessels to take LNG to soar to a value of nearly 150 trillion won ($130 billion) in around a decade from 6 trillion won now, Reuters reported.

“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 said.

The government plans to add an LNG bunkering terminal to a public gas terminal in the city of Tongyeong, about 370 kilometres south of Seoul, by 2017 with similar facilities in the cities of Gwangyang, Boryeong and Incheon later.

The world’s second-largest LNG importer also plans to start running bunkering shuttles from vessels carrying LNG to those that need it as fuel in 2018, said Reuters.