[POSCO]
In a bid to acquire related technology and take the upper hand in the global market, South Korea will push for a state-sponsored project to build the world's largest vessel powered by liquefied natural gas (LNG).
The project to build a 180,000-ton LNG-propelled vessel for Posco, the country's top steel company, involves shipyards, government bodies, the state-run Korea Development Bank and a research institute, according to the Ministry of Oceans and Fisheries.
"This pilot project to build a large LNG-powered ship is unprecedented in the world. It will provide a good opportunity for related industries to take root early in the market," Vice Minister Kang Joon-suk said in a statement.
Compared to conventional fuels, LNG is a proven commercial solution to meet ever-tightening emissions requirements. Gas carriers have used LNG as part of their fuel source for decades and their safety record is good. Local shipyards have built LNG carriers but there is only one LNG-propelled vessel in operation in South Korea.
reporter
Lim Chang-won
cwlim34@ajunews.com
