STX develops cargo oil pump

South Korea’s STX Enpaco has developed a new cargo oil pump for product and chemical tankers and has been type approved by Korean Register of Shipping.

This will enable the company to manufacture and sell its own cargo pumps without relying on imports. The submersible cargo oil system costs about KRW 2.5bn ($2.1m) per unit and its global market is around KRW 600bn a year with European and Japanese firms dominating the market, taking a 95% share.

STX Enpaco president Song Woo-ik said, “With the successful development of the submersible cargo oil pump using our own technology, we aim to raise our global market share to more than 20% by 2012.”