This file photo, provided by Hanwha Ocean Co. on Feb. 20, 2025, shows a company LNG carrier. (Yonhap)
SEOUL, Dec. 22 (Korea Bizwire) — South Korea has launched a public-private working group to push for the development of proprietary liquefied natural gas (LNG) cargo tanks to lessen dependence on foreign technologies, the industry ministry said Monday.
The working group comprises industry, finance and oceans ministries, as well as major Korean companies, including Korea Gas Corp., HD Hyundai Heavy Industries Co. and Samsung Heavy Industries Co., according to the Ministry of Trade, Industry and Resources.
An LNG cargo tank, a key component of an LNG carrier, is a cryogenic tank designed to safely store and transport LNG at very low temperatures.
An LNG carrier is one of Korea’s key export items, but the country has been paying trillions of won in technology fees for LNG cargo tanks to foreign companies because it does not have commercial-level indigenous technologies.
The ministry said the LNG cargo tank development project is one of the government’s top priority initiatives, noting that it aims to conduct a proof-of-concept project as early as the first quarter of next year.
“The government will devise measures to foster the development of key ship equipment and systems, including LNG cargo tanks, to help South Korea become a leading nation in ship equipment and materials, beyond its current status as a global shipbuilding powerhouse,” a ministry official said.
(Yonhap)
