SK Gas inks agreement for LNG bunkering project

SK Gas is a part of Korea’s first public-private cooperation for a liquefied natural gas (LNG) bunkering project, the local gas supplier said Wednesday.

Representatives from SK Gas, H-Line Shipping and Ulsan Port Authority pose for a photo during a signing ceremony for a public-private joint project for liquefied natural gas bunkering project in central Seoul on Wednesday. [SK GAS]

SK Gas is a part of Korea’s first public-private cooperation for a liquefied natural gas (LNG) bunkering project, the local gas supplier said Wednesday.

The company signed a memorandum of understanding with H-Line Shipping, a Seoul-based shipping company, and Ulsan Port Authority (UPA) on the same day for a joint LNG bunkering project, which aims to establish a bunkering system in the southeastern port city of Ulsan.

This is the first public-private project of its kind, according to SK Gas.

LNG bunkering is the practice of supplying LNG fuels to a ship, which considerably cuts down pollutant emissions compared to other traditional petroleum fuels such as diesel.

SK Gas, H-Line Shipping and UPA plan to set up a joint venture for the project in the first half of 2024 and build a new LNG bunkering vessel.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]