South Korea’s state-run Korea Gas Corporation (KOGAS) will invest 1 trillion won ($896 million) on eco-friendly infrastructure under the government’s initiative to increase energy sourcing from clean and renewable fuels.
The spending will go to expanding LNG bunkering facilities in Korea as the market is expected to grow from 310,000 tons in 2022 to 1.36 million tons in 2030 under stricter environment regulations. Money will come from the government budget to promote LNG-fueled vessels in the shipbuilding industry.
The company plans to initiate a project to increase LNG-powered trucks as replacements to diesel-fueled ones that contribute 63 percent to the fine dust emissions.
It aims to develop a high-horsepower LNG truck in cooperation with Tata Daewoo Commercial Vehicle.
The investment also would be used to increase LNG refueling facilities for vessels and vehicles at port and cargo terminals by 2020, KOGAS added.
KOGAS will install extra 100 charging machines for hydrogen-fueled cars by 2022 via a special purpose vehicle and fund a project to construct a complex for test, training and promotion of the green car.
On Wednesday, shares of KOGAS rose 0.37 percent to end at 53,900 won.
By Ko Jae-man and Lee Ha-yeon
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]