Classification society Lloyd’s Register has awarded approval in principle to HD Hyundai Heavy Industries and Korea Shipbuilding & Offshore Engineering for an ammonia floating storage and regasification unit (FSRU), the first of its kind in South Korea.
This AiP follows the signing of a memorandum of understanding (MoU) in December 2022 for a joint development project (JDP) between LR, Korea National Oil Corporation (KNOC), HD HHI and KSOE, LR said in a statement on Tuesday.
HHI’s ammonia FSRU will store liquefied ammonia transported from production areas and can perform regasification to supply to shipowners and operators.
FRSUs are an increasingly viable alternative to meet the growing demand for liquefied gas storage and regasification and are significantly more affordable to operate than onshore plants, LR said.
As part of the JDP to develop the ammonia FSRU, HHI performed the basic design of the unit whilst KSOE developed the key equipment for the regasification system.
Also, KNOC provided technical information on the construction of domestic ammonia acquisition and storage infrastructure projects.
“We developed the first ammonia FSRU in Korea based on HD Hyundai Heavy Industries differentiated FSRU technology accumulated over a long period of time,” Seung-ho Jeon, head of technology, HD Hyundai Heavy Industries, said.
Sung-Gu Park, North East Asia president of LR, said the development of FSRUs that can respond flexibly to the operating environment in a situation where the marketability of ammonia is increasing is an important element in the industrial value chain.
“It is expected that this AIP achievement will greatly contribute to leading HD Hyundai’s ammonia-FSRU technology and Korea National Oil Corporation’s ammonia business,” he said.
