The Ulsan Port Authority (UPA) has announced its move towards LNG bunkering to become South Korea’s first to provide it, reports IHS, singing an agreement alongside 14 shipping and port industry giants, such as Hyundai Heavy Industries and KOGAS.
A UPA spokesperson said: “It is not disputed that there is a global gravitation towards LNG bunkering and Singapore and Rotterdam also plan to launch LNG bunkering to cement their statuses as oil and energy hubs.
“From this perspective, the signing of this private-public cooperation agreement is expected to enable LNG bunkering to become a new growth engine for Ulsan port, and contribute to the port's success in becoming the oil hub of Northeast Asia.”
This comes after the world trade organisation stated that a “major trade shakeup” was required, amidst reports South Korean economists were concerned about protectionism limiting trade and growth globally, especially in the wake of “Brexit”.
South Korea itself has announced plans it will be expanding its industry to Northern Africa, investing heavily in the Port of Alexandria, Egypt, a port that handles 60% of all cargo in Egypt.
Development may come too late to convince those closer to home however, as South Korean shipbuilding unions held large protests over the treatment of staff in July 2016.