SEOUL: South Korea’s Vice Minister of Trade, Industry and Energy Friday said the country intends develop its coast as a liquefied natural gas (LNG) bunkering hub in the region, Platts reports.
“If South Korea establishes a major LNG bunkering center on its coast, it can increase LNG import volumes, which will help sharpen its bargaining power as a main buyer,” explained Lee Kwan-Sup, Vice Minister of Trade, Industry and Energy, noting that the country is eyeing a growing demand for the fuel in the maritime sector resulting from stricter environmental regulations.
“South Korea imports huge volumes of LNG for power generation and heating. LNG bunkering will add the country’s import volume, strengthening its bargaining position.” The bunkering plan is said to be part of a larger strategy to support LNG use within the country, which has been experiencing a decline alongside shrinking domestic energy demand.
