Korean shipbuilders to develop own LNG containment system

Hyundai heavy Industries, Daewoo Shipbuilding, Samsung Heavy Industries and Korea Gas Corporation will be developing their own proprietary LNG cargo tank containment system. The three year project will $13.5 million. At present, the technology in the membrane system design is owned by the French company Gaz Transport & Technigaz (GTT). If the Korean project is successful in designing an alternative LNG cargo tank, the three Korean shipbuilders will be able to save over $50 million per annum on royalty payments.