S. Korea Invests to Increase Share in Offshore Plant Market

MarineLink.com
Monday, November 18, 2013
Geoje Shipyard: Image courtesy of SHI

South Korea plans to develop the offshore plant industry into a new engine for growth that will create over 10,000 new jobs by 2017, reports Yonhap News citing a government source.

The government plans to effectively implement its policy initiatives by jointly investing some 900 billion won ($848 million) with the private sector by 2017. The move comes as the global market for offshore plants is expected to grow by an average 6.4 percent per year from US$145.2 billion in 2010 to $230.3 billion in 2015 and to $503.9 billion in 2030, according to the Ministry of Trade, Industry and Energy, says Yonhap.

The Ministry adds that South Korea has clenched 39.5 percent of global orders for offshore plants in the first eight months of the year, but its market leadership is being seriously challenged by China, whose global market share jumped from 18.3 percent in 2012 to 30.8 percent for the January-August period, according to the ministry.

To further strengthen its global leadership, South Korea will seek to localize most parts and equipment for offshore plants, ranging from drilling systems for offshore oil platforms to valves and even bolts, reports Yonhap.

Source: Yonhap News

 

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

NNS Identify 124 Employees as 'Models of Excellence'

Huntington Ingalls Industries says that 124 employees from the company's Newport News Shipbuilding division have been recognized with Model of Excellence (MOE) awards.

Deep Sea Supply takes Delivery of 'Sea Triumph'

The Deep Sea Supply  took delivery of the newbuilding Platform Supply Vessel 'Sea Triumph'  on Thursday 18 September.  The vessels 'Sea Triumph' is a STX 05-L

Lilaas Engages Imtra for N. American Distribution

Strong prospects in the North American marine equipment market have triggered a new importation and distribution agreement between control specialist Lilaas

Offshore

Nigerian Minister Pledges $1.3 bln for Power Companies

Nigeria's oil minister announced a 213 billion naira (1.3 billion US dollar) bail-out package for power companies on Saturday, nearly a year after the sector was privatised.

Rosneft says Exxon Still Continues to Work With it in Arctic

Russia's biggest oil producer Rosneft said on Saturday that Exxon Mobil was still continuing exploration drilling at their joint project in the Arctic Kara Sea.

EMGS - New Contract in the Norwegian Sea

Electromagnetic Geoservices ASA (EMGS) announced an agreement from Statoil Petroleum AS for the Norwegian Sea. EMGS has now received a new contract from another oil and gas company worth USD 1.

Finance

Nigerian Minister Pledges $1.3 bln for Power Companies

Nigeria's oil minister announced a 213 billion naira (1.3 billion US dollar) bail-out package for power companies on Saturday, nearly a year after the sector was privatised.

Russia's Yamal LNG Project May Tap Wealth Fund in 2014

Russia's Novatek may get funds from the National Wealth Fund for its Yamal LNG project before the year-end, a minister said, as part of government plans to support sanction-hit companies.

ICC Conference Focuses on Platform to Settle Disputes

The 5th ICC International Commercial Mediation Conference has brought together leading mediators, arbitrators, corporate managers and in-house counsel from around

Government Update

Ban Welcomes Leonardo DiCaprio as UN Messenger of Peace

As the eyes of the world turn to New York City, where thousands of people are expected to gather today for a massive march in advance of a United Nations climate summit,

Tropical Storm Polo Threatens Battered Mexican Resort of Los Cabos

Tropical storm Polo barreled nearer on Friday to the Mexican Pacific resort of Los Cabos where thousands of troops were restoring order following widespread

Exxon: U.S. to Allow Wind Down Ops in Russian Arctic

U.S. oil major Exxon Mobil said on Friday the U.S. Treasury Department granted it a license to wind down operations on a drilling well in the Kara Sea in the Russian Arctic.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Pipelines Pod Propulsion Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1683 sec (6 req/sec)