LNG

South Korea will place orders for about 200 vessels in the next three years to help its shipping and shipbuilding industries suffering from a slump in global demand and losses that forced restructuring at the largest companies.

The South Korean Ministry of Trade, Industry and Energy plans a public hearing on December 26 when a policy committee will confirm the government’s plan to shift its reliance from coal and nuclear power towards natural gas, LNG imports and renewables.

The South Korean government along with shipbuilders and port authorities have signed an agreement to place orders for vessels powered by liquefied natural gas in 2018 as part of the development plan for LNG fuel infrastructure in the country.