Busan Port Authority is moving ahead with a plan to build 520,000 cbm of LNG and green methanol storage capacity at Busan New Port by 2032, according to Busan Port Authority.
The project covers 370,000 cbm of LNG storage and 150,000 cbm of green methanol storage on a 123,000-sq-metre site in the southern container hinterland of Busan New Port.
The authority also plans dedicated berthing facilities for bunkering transport and supply vessels.
BPA held a consultation meeting on 12 May at the Busan Port International Exhibition and Convention Center to review the project direction, safety measures and demand-response strategy with industry, research organisations and local government.
Feedback from the meeting will be reflected in the business plan before follow-up work, including an internal preliminary feasibility assessment.
The project follows South Korea’s 2023 policy target to raise the share of eco-friendly marine fuel supply to 30% by 2030 and secure 1m tonnes of port storage capacity for such fuels.
Busan Port Authority is a South Korean public authority responsible for the development and operation of Busan Port under the country’s port authority framework. It is based in Jung-gu, Busan.
The Ministry of Oceans and Fisheries is South Korea’s central government ministry responsible for maritime affairs, fisheries, marine policy and port-related administration.
