Korea to develop own LNG containment system

Seoul: Korea Inc is finally getting around to developing its own LNG containment system, something that has been discussed for more than a decade.

Korea Gas Corporation (Kogas) will work with the nation’s top three major shipbuilders – Hyundai Heavy Industries, Samsung Heavy Industries, and Daewoo Shipbuilding & Marine Engineering – to to design and manufacture liquefied natural gas (LNG) carrier tanks.

Korean yards have been paying France’s GTT enormous licence fees, roughly $8.6m per ship, for using its proprietary membrane containment system for decades.

In the past Korean yards had been linked with buying out GTT, but this year Korean yards are putting greater emphasis than ever before on developing Korean designs and copyrights to protect the nation’s shipbuilding industry.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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