A new ammonia floating storage regasification unit (FSRU), the first of its kind in Korea, has been awarded approval in principle (AIP) from Lloyd’s Register (LR), the classification society announced Tuesday.
Developed by HD Hyundai Heavy Industries (HHI) and Korea Shipbuilding & Offshore Engineering (KSOE), the 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.
The 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 KSOE.
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 and KNOC provided technical information on the construction of domestic clean ammonia acquisition and storage infrastructure projects.
Sung-Gu Park, North East Asia President of Lloyd’s Register, 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.”
Seung-ho Jeon, Head of Technology, HD Hyundai Heavy Industries, said, “We developed the first ammonia-FSRU in Korea based on HD Hyundai Heavy Industries differentiated FSRU technology accumulated over a long period of time. We will focus our capabilities on technology development so that we can lead the way.”
Beom-hee Ahn, Head of ESG, Korea National Oil Corporation, said, “This development will be one of the major solutions to solve pending issues in the field of clean ammonia storage infrastructure. We will take the lead in building a carbon-free and clean energy ecosystem through continuous cooperation with HD Hyundai and Lloyd's Register."