Asia/Pacific News
Busan LNG Bunkering Terminal to be Operational by 2020
South Korea’s Busan Port will have a fully functional liquid natural gas (LNG) bunkering terminal by 2020, IHS Martime reports.
The terminal, set to have four berths and two LNG tanks, will reportedly occupy a 185,700 m² area, with Polaris Shipping lined up to construct the KRW600 billion ($500 million) facility.
Polaris Shipping, a South Korean shipping company, is said to specialise in shipping dry bulk commodities, and operates 30 ships, with a total of 7,544,953 DWT.
Busan Port Authority is said to expect growth in usage of the Northern Sea route to translate to more LNG imports from Russia, providing a competitive edge over Singapore.
In April, the South Korean government announced "exciting plans" to develop a LNG bunkering facility, alongside its plans to construct a further 15 berths, at its flagship Busan New Port in the south of the country.
