LNG Refueling Expands from Sea and Ports to Land... Gas Corporation Achieves First Success in 'Bunkering'

Gas Gong "Bunkering Sales Target of 1 Trillion Won by 2030"

A Korea Gas Corporation official supplying LNG fuel to a ship on land using an LNG tank lorry at Geoje Shipyard on the 10th. (Photo by Korea Gas Corporation)

[Asia Economy Reporter Moon Chaeseok] Korea Gas Corporation announced on the 12th that its LNG bunkering subsidiary, Korea LNG Bunkering, has successfully supplied fuel to an LNG-powered vessel onshore for the first time.

To promote the LNG bunkering business, Gas Corporation established Korea LNG Bunkering in December last year and registered as a ship natural gas operator with the Ministry of Trade, Industry and Energy.

In December last year, Korea LNG Bunkering signed an LNG supply contract for LNG ship sea trials with Samsung Heavy Industries.

Then, on the 10th, approximately 220 tons of LNG were successfully supplied to a 100,000-ton tanker built at the Geoje shipyard using the TTS (Truck to Ship) method with LNG tank lorries. This amount corresponds to 15 tank lorries.

In addition to the existing TTS method, Korea LNG Bunkering plans to expand LNG supply methods by using ▲ the country's first LNG transport and bunkering dual-purpose vessel (Jeju LNG No. 2) for STS (Ship to Ship) supply at sea ▲ and PTS (Port to Ship) supply via port pipelines using unloading facilities at the Gas Corporation's LNG base.

Gas Corporation successfully completed the world's first STS LNG loading demonstration test for LNG transport ship sea trials last November. The goal is to achieve sales of 1 trillion KRW by 2030 through the bunkering business.

A Gas Corporation official said, "We plan to sell part of Korea LNG Bunkering's shares to private companies within the first half of this year and operate it as a joint venture," adding, "We will focus on reducing early business risks and strengthening competitiveness."

The International Maritime Organization (IMO) has regulated the sulfur content of fuels used by ships navigating international waters to 0.5% or less since January last year. Governments worldwide are also strictly enforcing sulfur content regulations within their territorial waters.

If this trend continues, the construction of eco-friendly LNG bunkering vessels is expected to increase in the long term, with global LNG usage in the ship fuel market projected to reach 30 million tons by 2030, and Korea's usage reaching 1.4 million tons.

This content was produced with the assistance of AI translation services.