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President Moon Jae-in hails South Korea's LNG barge contract with Russia

President Moon Jae-in hails South Korea's LNG barge contract with Russia

Seoul, June 10 - Neftegaz.RU. President Moon Jae-in has welcomed the news of a South Korean shipbuilder's contract with a Russian company to construct 2 huge liquefied natural gas (LNG) barges, saying the deal reflects South Korea's competitiveness in the field, Korean Yonhap reported.

Moon Jae-in received a report on the 900-billion-won ($748 million) deal, under which Daewoo Shipbuilding & Marine Engineering Co. will build 2 360,000-cbm LNG barges for a Russian Novatek. The president was quoted as saying that the deal is "good news" to remind the world that South Korea has the world's top competitiveness in the LNG barge sector.

It marks the first time that South Korea has won LNG barge orders from Russia. It's "even more meaningful" that the contract was based on increased trust in South Korea's ship-producing technology following the delivery of 15 ice-breaking LNG carriers to Russia, the official added.

The 2 LNG barges will be delivered to the area between Murmansk and the Kamchatka Peninsula of Russia by the end of 2022 to be used as a way station for LNG carriers, the company said.

The LNG barges could help provide LNG produced on the Arctic Ocean to areas of Europe and Asia much more rapidly and sharply lower the operating cost of LNG carriers.

Last week, Daewoo and 2 other South Korean shipbuilders - Hyundai Heavy Industries and Samsung Heavy Industries - clinched a deal with Qatar to build 100 LNG vessels.

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