National Oil Company Jumps into Offshore Wind Power Industry | Be Korea-savvy

National Oil Company Jumps into Offshore Wind Power Industry

Doosan Heavy's offshore wind farm on Jeju (Yonhap)

Doosan Heavy’s offshore wind farm on Jeju (Yonhap)

SEOUL, Sept. 8 (Korea Bizwire)Sate-owned companies in the energy sector are jumping into new businesses to adapt to the era of eco-friendly energy.

The Korea National Oil Corporation (KNOC), jointly with the city of Ulsan, aims to renovate the gas field in the East Sea, to be shut down in June 2022, to build floating offshore wind turbines.

“The company plans to utilize the experience it has gained through underwater exploration and drilling,” a KNOC official said.

KNOC also plans to start a carbon capture and storage (CCS) business, which involves securing space to store collected carbon dioxide. The company is looking into the idea of burying carbon dioxide in the gas field in the East Sea.

The Korea Gas Corporation (KGC) plans to jump into the bunkering business to refuel liquefied natural gas (LNG)-powered ships when they dock at port.

The KGC already has infrastructure in place, completing four refueling facilities at the LNG terminal in Tongyeong on the southwestern coast.

The company, in tandem with the Busan Port Authority, plans to establish a joint LNG bunkering business to sell 1.36 million tons of LNG by 2030 and reach 1 trillion won (US$840 million) in sales.

The KGC has been utilizing compressed natural gas (CNG) buses to expand the use of natural gas for cars, with a goal of establishing LNG refueling stations at ports, cargo terminals, and service stations by 2022.

Ashley Song (

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