Asia/Pacific News
SK Gas and Hyundai Glovis Join Forces on LNG Bunkering in South Korea
South Korean gas firm SK Gas has signed an agreement with Hyundai Glovis to supply LNG as marine fuel to its ships and cooperate to scale up LNG bunkering in the country.
The agreement was concluded between Eco Marine Fuel Solution, SK Gas's LNG business unit, and Hyundai Glovis at a ceremony this week, SK Gas told Ship & Bunker on Thursday.
Under the contract, Eco Marine Fuel Solution will deliver LNG to fuel Hyundai Glovis' fleet of dual-fuel car carriers, while SK Gas will also develop bunkering infrastructure to ensure reliable operations.
Both companies said they intend to build an LNG bunkering hub across Ulsan, Busan and Gwangyang, key ports for vehicle carriers on long-haul trades.
Hyundai Glovis has plans to add more than 30 LNG-fuelled vessels to its fleet by 2028.
"Decarbonization of the shipping industry is a global imperative, and developing LNG bunkering infrastructure is the first step toward that goal," Yoon Byung-seok, CEO at SK Gas, said.
"Through this agreement, SK Gas will expand eco-friendly energy solutions and actively support Korea's shipping and logistics industries in securing global competitiveness."
Positioning 2024 as the launch point for its LNG expansion strategy, SK Gas has identified marine fuel supply as a key driver of long-term growth.
The firm estimates South Korea's LNG bunkering demand could rise from a few hundred thousand tonnes a year to more than 1 million and has already secured the nation's largest dedicated bunkering terminal at the Korea Energy Terminal.
