South Korean LNG importing giant Kogas has signed a deal with compatriot Hyundai Heavy Industries Turbomachinery to support the production of liquefied natural gas pumps in South Korea.
Kogas said in a statement it will open its facilities at the Pyeongtaek LNG import terminal to Hyundai Heavy Industries Turbomachinery from April this year until September 2025.
This will allow access to the company for the necessary environment for testing cryogenic pumps.
During the demonstration period, Kogas will also transfer the operating know-how and technology of the Pyeongtaek LNG terminal and provide various safety devices, it said.
In addition, Kogas will provide funds to assist in the technology’s commercialization.
Kogas said the localization of LNG pump equipment production would enable the expansion of its business operations into related fields such as LNG carriers, domestic LNG terminals, and overseas liquefaction plants.
The firm operates 77 LNG storage tanks at five LNG import terminals in South Korea.
The large terminals include Incheon, Pyeongtaek, Tongyeong, and Samcheok, while the firm has a small-scale regasification terminal at the Aewol port on Jeju island as well.
Also, the firm is building a large terminal in Dangjin and expects to launch the first phase in December 2025.
Kogas sold 34.6 million mt during 2023, down from 38.3 million mt in 2022.