South Korea’s SK Gas seals Ulsan LNG bunkering pact

SK Gas, a unit of South Korean conglomerate SK Group, is joining forces with compatriot shipping firm H-Line and the Ulsan Port Authority to develop a liquefied natural gas (LNG) bunkering project.

In that regard, the trio signed a memorandum of understanding for a public-private joint project, according to a statement by SK Gas.

SK Gas, H-Line Shipping, and UPA will now work to create a joint venture for the project in the first half of 2024.

Following the formation of the new firm, the partners plan to build a new LNG bunkering vessel, the statement said.

With this move, SK Gas will enter the LNG bunkering business.

SK Gas is a partner in Korea Energy Terminal (KET) along Korea National Oil Corporation.

Back in 2020, Daewoo E&C won a contract for the first phase of this project in the port of Ulsan which includes the construction of a 215,000-cbm LNG tank and additional regas facilities with about 1 mtpa capacity. It also won a contract for the second phase with the same scope the same year.

Last year, a consortium led by Daewoo E&C also won the contract for the third phase as well and the full project will have three LNG tanks with a total capacity of 645,000 cbm.

The terminal also includes a berth for LNG bunkering vessels.

KET plans to launch commercial operations of the first and second phase in 2024.

Most Popular

BP chief expects ruling on Venture Global dispute later this year

BP's CEO Murray Auchincloss expects a ruling on an arbitration dispute with US LNG exporter Venture Global LNG to be delivered in the second half of this year.

Golar sells its last LNG carrier

Golar LNG has agreed to sell the last liquefied natural gas carrier in its fleet, completing its transition into a focused FLNG infrastructure firm.

Venture Global to introduce gas to 8th Plaquemines liquefaction block

US LNG exporter Venture Global LNG has received approval from the US FERC to introduce natural gas to the eighth liquefaction block at the Plaquemines LNG terminal in Louisiana as part of the plant’s commissioning process.

More News Like This

H-Line Shipping orders LNG bunkering vessel at HJSC

South Korea's H-Line Shipping has ordered one liquefied natural gas (LNG) bunkering vessel at compatriot HJ Shipbuilding & Construction (HJSC).

H-Line Shipping sells steam LNG carrier for scrap

Brokers said the vessel in question is the 1995-built 130,000-cbm, HL Pyeongtaek, previously known as Hanjin Pyeongtaek. The steam LNG...

South Korea’s SK Gas launches LNG, LPG power plant in Ulsan

Commercial operations of Ulsan GPS started on December 26, according to a statement by SK Gas, a unit of...

H-Line’s LNG-fueled PCTC delivered in China

China’s Guangzhou Shipyard International (GSI) has handed over a new LNG-powered pure car and truck carrier to South Korean...