South Korea Launches Initiative for Indigenous LNG Cargo Tank Development
South Korea has launched a public-private initiative to develop indigenous liquefied natural gas (LNG) cargo tanks, involving key players from the industry and government. This effort aims to reduce dependence on foreign technology and address the trillions of won spent on technology fees to international firms. A proof-of-concept is expected by the first quarter of 2024, highlighting the project's significance in enhancing the country's ship equipment capabilities.
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South Korea has initiated a public-private working group to develop proprietary liquefied natural gas (LNG) cargo tanks, aiming to reduce reliance on foreign technologies. The group includes the industry, finance, and oceans ministries, alongside major companies such as Korea Gas Corp., HD Hyundai Heavy Industries, and Samsung Heavy Industries.
LNG cargo tanks are essential for LNG carriers, a significant export product for South Korea. Currently, the nation spends trillions of won in technology fees to foreign firms due to the lack of domestic capabilities.
The development project is a government priority, with plans to conduct a proof-of-concept by the first quarter of 2024. The initiative aims to enhance South Korea's position in ship equipment and materials development.
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