Seoul: South Korea has initiated a public-private working group aimed at advancing the development of indigenous liquefied natural gas (LNG) cargo tanks to reduce reliance on foreign technologies, the industry ministry announced. The collaborative group includes representatives from industry, finance, and oceans ministries, alongside major Korean companies such as Korea Gas Corp., HD Hyundai Heavy Industries Co., and Samsung Heavy Industries Co.
According to Yonhap News Agency, an LNG cargo tank is an essential component of an LNG carrier, designed to safely store and transport liquefied natural gas at extremely low temperatures. Despite being a key export product for South Korea, the nation has been expending trillions of won in technology fees to foreign companies due to a lack of commercial-level indigenous technologies for these tanks.
The Ministry of Trade, Industry and Resources highlighted the LNG cargo tank development project as one of the government's top priority initiatives, with plans to undertake a proof-of-concept project as soon as the first quarter of the coming year. A ministry official remarked that the government will implement strategies to promote the advancement of essential ship equipment and systems, including LNG cargo tanks, aiming to elevate South Korea's status from a global shipbuilding powerhouse to a leader in ship equipment and materials.