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KOGAS to seek new LNG-based business

Companies are pushing for a full-fledged change to become low carbon producing firms under their ESG (Environmental, Social and Corporate Governance) management.

In September, Korea Gas Corporation (KOGAS) declared a new long-term business plan until 2030, “KOGAS 2021: A New Era.”

KOGAS’s “Everywhere Green Life H2 KOGAS” is its new vision and the state-owned corporation has shared its plan to lead the energy source conversion. It will create an eco-friendly coal and petroleum ecosystem that provides green energy in all value chain areas concerning consumers.

The gas corporation also presented specific goals such as annual supply plans for hydrogen projects while announcing strategies for promoting four new projects based on liquefied natural gas (LNG) through convergence of businesses.

One of those is LNG bunkering that helps with air quality at sea. LNG bunkering refers to supplying eco-friendly fuel to ships that uses diesel.

LNG can completely eliminate sulfur oxide and dust emissions, carbon dioxide emissions by 20 percent and particulate matter by 99 percent ― all compared to current fuels used for ships. Large ships running on LNG are becoming popular as the International Maritimes Organization regulates the sulfur content of fuel used by ships to less than 0.5 percent. The demand prospect for green energy varies between research institutes, it is expected to reach 20 million to 30 million tons by 2030.

Multinational energy companies like Shell and TotalEnergies said that LNG bunkering will account for 20 percent to 30 percent of the total ship fuel market in the next decade.

This project deploys LNG bunkering ships to supply fuel to ships while at sea. Securing LNG storage and shipping facilities are essential for the business. KOGAS has the world’s largest LNG storage capability and already built four LNG-only facilities dedicated to LNG shipments at Tongyeong LNG Base in South Gyeongsang Province.
Source: Korea Times

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