Korea Industrial Complex Corp. (KICOX) established a theme cluster in Busan to revitalize LNG market in shipbuilding and offshore industries. Busan Branch of KICOX held an inaugural assembly for ‘LNG Theme Cluster’ which is newly founded this year at Hotel Nongshim on November 28.

Newly starting ‘business of establishing equipment network for revitalizing LNG-based offshore market’ will be searching for mutual cooperation of large and smaller enterprises and capability enhancement, participated by 20 middle-standing and smaller companies, including STX Offshore & Shipbuilding.

The business will comprise three sectors (LNG bunkering shuttle, LNG-fuel propelled vessel, offshore floating LNG bunkering terminal) and network activities will commence, mainly led by major enterprises specialized in each sector.

The aim of this theme cluster is to create synergy effect through joint establishment of overseas marketing and sales network, exchanges of technology and information, connective cooperation to revitalize offshore market and localize marine equipment.

KICOX expects this business to contribute to industrial development by bringing a rise in revenue from global LNG marine equipment market, job creation and import substitution effect as well as revitalizing allied industries, development of southeast region as a base for technology and production.

The state-owned institution will support the newly selected ‘LNG Theme Cluster’, supervised by STX,, for four years through annual valuations after the first two years.

Meanwhile, Busan Branch of KICOX had officially launched ‘Floating FPSO Theme Cluster’, a high-value added vessel, starting with a general meeting held on October 11 at Centum Hotel, Haeundae.

The ‘Theme Cluster for Oil FPSO Equipment Localization Based on Module’ is a business participated by Korean Big3 builders (Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering, Samsung Heavy Industries) with some 30 medium and small-sized companies, mainly led by Samsung (coordinator). This is a representative model of mutual cooperation between large and smaller companies together with capability improvement of participated enterprises.