In Korea, the association of LNG operators is formed

In Korea, the association of LNG operators is formed

Editorial Staff
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21 of the main industry companies have founded the Bunkering Industrial Association to regulate standards and procedures within a market with a $31 trillion potential

Twenty-one South Korean companies in the LNG sea transportation industry have recently formed the Bunkering Industrial Association, an association of operators with the goal of regulating the security standards of transport, in order to be able to use -  among other things - also biofuel. Moreover, according to estimates, the LNG market has a potential at global level of generating over $31 trillion in the next 10 years. Among the founding companies are some of the most important names in the LNG shipping world, like: Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co., Samsung Heavy Industries Co., Korea Gas Corporation, Posco Co., Samchully Corp., GS Energy Corp. e SK Energy Co. The founding of the Bunkering Industrial Association happened over the course of 4 years and is aimed at creating a strong point of reference in a sector that is still at its early stages in Korea. In addition to the creation of this association of industry operators, a series of reforms will follow called for by the South Korean government to support the development of this market as an aid to companies in the LNG transportation sector.