Wärtsilä-Hyundai Engine Company, a joint venture between Wärtsilä and Hyundai Heavy Industries (HHI), today inaugurated its new factory here in Korea. The 50/50 joint venture company manufactures Wärtsilä 50DF dual-fuel engines for LNG carriers and other marine applications. The optimal capacity of the factory is 100-120 engines a year.
Speaking at the inauguration event, Mr Ole Johansson, President & CEO of Wärtsilä Corporation addressed the need for new LNG terminals to fulfil the growing demand for gas and LNG vessels. "The present LNG fleet of 260 vessels needs to increase to over 700 vessels by the year 2030. The introduction of new LNG terminals has experienced delays due, among other things, to the lack of availability of equipment and staff. One real alternative to land-based terminals lies in the development of offshore floating projects. Our joint-venture company has just recently received a major order for this type of project," said Mr Ole Johansson. "We see great potential in this market in the long term," he continued.
"Natural gas is a clean source of energy, and increasingly relevant as countries around the world face the challenge of decreasing emissions. With our dual-fuel engines, we will be ready to anticipate and follow the Tier 3 requirements of the IMO regulations from the year 2016. Thus, by adopting our engines, produced here, as marine propulsion machinery, this internationally stipulated emission standard can be met," said Mr O.S. Kwon, CEO of Wärtsilä-Hyundai Engine Company in his welcoming speech.
During the inauguration, the first engine manufactured by the joint venture company was started by Mr Ole Johansson, President and CEO of Wärtsilä and Dr Keh-Sik Min, Vice Chairman and CEO of HHI.
Speaking at the inauguration event, Mr Ole Johansson, President & CEO of Wärtsilä Corporation addressed the need for new LNG terminals to fulfil the growing demand for gas and LNG vessels. "The present LNG fleet of 260 vessels needs to increase to over 700 vessels by the year 2030. The introduction of new LNG terminals has experienced delays due, among other things, to the lack of availability of equipment and staff. One real alternative to land-based terminals lies in the development of offshore floating projects. Our joint-venture company has just recently received a major order for this type of project," said Mr Ole Johansson. "We see great potential in this market in the long term," he continued.
"Natural gas is a clean source of energy, and increasingly relevant as countries around the world face the challenge of decreasing emissions. With our dual-fuel engines, we will be ready to anticipate and follow the Tier 3 requirements of the IMO regulations from the year 2016. Thus, by adopting our engines, produced here, as marine propulsion machinery, this internationally stipulated emission standard can be met," said Mr O.S. Kwon, CEO of Wärtsilä-Hyundai Engine Company in his welcoming speech.
During the inauguration, the first engine manufactured by the joint venture company was started by Mr Ole Johansson, President and CEO of Wärtsilä and Dr Keh-Sik Min, Vice Chairman and CEO of HHI.