Kosan Crisplant a/s and Korea LNG Solution have reinforced their business partnership after signing a long-term co-operation agreement to mutually promote liquefied natural gas (LNG) as bunker fuel in the Republic of Korea.
The collaboration between the two LNG experts dates back to June this year when both companies entered into a memorandum of understanding (MoU) to pool their strengths in the LNG market.
Under the terms of the follow up co-operation agreement, Kosan Crisplant and Korea LNG Solution will now cooperate on the development, manufacturing and sale of LNG bunkering equipment to progress small-scale LNG as bunker fuel.
It is understood that the bunker fuel will be sold within the North Pacific rim country over a four-year period. Financial details of the deal were not disclosed.
Kosan Crisplant’s LNG Manager Lars Sall enthused, “We have a lot to gain from this collaboration and the Korean market while at the same time contributing to the industry as a whole making Kosan Crisplant LNG solutions available on a much larger scale.”
A press release also confirmed that “both parties are looking forward to reaping the benefits that the agreement may bring.”
The co-operation agreement was signed during the Marine Tech Korea 2016 conference in Gyeongnam, Korea, which took place from 26th-29th September.