South Korea has launched a new public-private partnership to develop its own liquefied natural gas (LNG) cargo tanks, aiming to reduce the country’s reliance on foreign technology. The collaboration involves several key players, including the industry, finance, and oceans ministries, along with major companies such as Korea Gas Corp., HD Hyundai Heavy Industries, and Samsung Heavy Industries.
An LNG cargo tank is a critical component of an LNG carrier, which is used to safely store and transport liquefied natural gas at very low temperatures. LNG carriers are a significant export for South Korea, but the country has been paying billions of won in fees to foreign companies for the technology needed to build these tanks. This dependence has prompted the government to focus on developing indigenous technology for LNG cargo tanks to strengthen South Korea's shipbuilding and energy industries.
The Ministry of Trade, Industry and Resources has identified the development of LNG cargo tanks as one of its top priorities. They plan to initiate a proof-of-concept project by the first quarter of 2026.
Executive Statement
According to a ministry official, the government will devise measures to foster the development of key ship equipment and systems, including LNG cargo tanks, to help South Korea become a leading nation in ship equipment and materials, beyond its current status as a global shipbuilding powerhouse.