South Korea to back construction of 140 LNG-powered ships

For illustration purposes only (Image courtesy of Kogas)

The South Korean government said on Thursday it will support the orders of 140 LNG-powered vessels as part of a package of measures to help small and midsized shipbuilders.

While measures in April were aimed to help large shipbuilders such as DSME, HHI and SHI, the latest scheme is geared more toward small and midsized builders.

The government will provide shipbuilders and suppliers with 700 billion won ($620.2m) in new financing and maturing loans and debt guarantees worth 1 trillion won ($886m), according to a statement by South Korea’s Ministry of Trade, Industry and Energy.

The measures call for the government and private companies to place orders for the LNG-powered vessels by 2025.

The government and the private sector also plan to invest 2.8 trillion won by 2025 to build infrastructure for LNG bunkering, the statement said.

To remind, South Korean LNG importing giant Kogas said recently it plans to invest 1 trillion won ($890 million) by 2025 in LNG and hydrogen fueling projects.

According to Kogas, domestic LNG bunkering demand is expected to rise from 310,000 tons in 2022 to 1.36 million tons in 2030 under stricter environmental regulations.

 

LNG World News Staff

Share this article

Follow LNG World News

Events>

<< Sep 2019 >>
MTWTFSS
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

6th Mozambique Gas Summit & Exhibit

This year’s edition will have a revamped programme for attendees.

read more >

Offshore Energy Exhibition and Conference 2019

The three-day event includes an exhibition where an expected 600+ supply chain companies will showcase their products and services.

read more >

LNGgc London

LNGgc is a fantastic way of raising attendees’ company profile within this market and creating greater awareness of their brand…

read more >

5th CWC China LNG & Gas International Summit & Exhibition

5th CWC China LNG & Gas International Summit & Exhibition will return 16 – 17 October 2019, bringing together the key players…

read more >