South Korea to launch $250 million LNG conversion pilot project

The Korean Ministry of Oceans and Fisheries on Thursday (7 March) announced its policy plan for 2019, stating several maritime IMO 2020 related developments.

“In order to preoccupy the rapidly growing global eco-friendly shipping market in accordance with the strengthening of international environmental regulation, we will strengthen related policies such as support for the introduction of liquefied natural gas (LNG),” notes the organisation.

It will implement a 2.8 billion won (US $250 million) pilot project to convert liquefied natural gas (LNG) carriers owned by local private enterprises to use LNG as a marine fuel through Korea Ocean Business Corp (KOBC) finance plans.

A further plan to provide subsidy of 10% for shipowners planning to upgrade vessels to use LNG as a bunker fuel or other environmentally friendly features at Korean shipyards will also be launched.

“This year, we will concentrate our efforts on improving the constitution of the marine fisheries industry, such as innovation and shipping reconstruction, as well as preparing a comprehensive response system for port dust and marine plastic waste,” concludes Minister of Maritime Affairs and Fisheries, Kim Young-chun.  

Related: KOGAS signals intent to improve LNG bunkering capacity
Related: KOGAS and Busan Port enter LNG bunkering study
Related: KOGAS supports push for LNG bunkering
Related: South Korea to ‘revitalise’ LNG-fuelled shipbuilding sector

Photo credit: Ministry of Oceans and Fisheries
Published: 11 March, 2019