Asia/Pacific News
South Korea: Govt to Support LNG Bunkering Projects
The South Korean government is to offer support to its nascent liquified natural gas (LNG) bunkering sector with a number of initiatives.
A pilot project to develop LNG-fuelled vessels will be facilitated by the government, Song Young-Dal, head of the marine policy department at ministry of ocean and fisheries has told price-reporting agency Platts.
The move involves a number of domestic players including steel maker POSCO participating in feasibility studies.
Another pilot project will look at replacing towing ships that use oil-derived bunker fuel with gas-powered ships, Song said.
Financial measures such as lower interest rates and lower guarantee rates for LNG-fuelled carriers to promote LNG bunkering are also under consideration .
Other possibilities on the cards are a 10% subsidy off the cost of replacing old vessels with LNG-powered versions, lower acquisition taxes on LNG-powered vessels and reducing port facility fees for gas-fuelled ships, the official was reported to have said.
