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The South Korean port of Ulsan has inked a three-year cooperation agreement with private firms and public institutions in a bid to provide liquefied natural gas (LNG) bunkering.

The collaboration partners are to explore the development of an LNG bunkering infrastructure, the supply of LNG to ships and the procurement of equipment, the Ulsan Port Authority has confirmed.

The deal was signed with 14 organisations including municipal authorities, Korea Gas Corporation (KOGAS), Hyundai Heavy Industries (HHI), Korea Research Institute of Ships and Ocean Engineering, Daechang Solution, NK, Ulsan University and SK Shipping.

In a statement, the port authority explained that the project is designed to promote growth, saying: "It is not disputed that there is a global gravitation towards LNG bunkering and Singapore and Rotterdam also plan to launch LNG bunkering to cement their statuses as oil and energy hubs.

"From this perspective, the signing of this private-public cooperation agreement is expected to enable LNG bunkering to become a new growth engine for Ulsan port, and contribute to the port's success in becoming the oil hub of Northeast Asia."

The development comes a year after South Korea's Ministry of Trade, Industry and Energy (MOTIE) said it intended to build liquefied natural gas (LNG) bunkering terminals at some of its key ports, and to win 70 percent of worldwide orders for dual-fuel tankers over the next decade.

"From a long-term perspective, we will build LNG bunkering terminals at the country's major ports where large vessels arrive and depart," the ministry said in a statement on 15th July, 2015.

By 2017, the South Korean government has said it intends to add an LNG bunkering terminal to a public gas terminal in the coastal city of Tongyeong, located in the southern tip of Goseong peninsula in South Gyeongsang Province. Similar facilities in Gwangyang, Boryeong and Incheon are also planned for the future.

South Korea is the world's leading shipbuilding nation. The top three vessel constructors - Hyundai Heavy Industries Co Ltd, Samsung Heavy Industries Co Ltd and Daewoo Shipbuilding & Marine Engineering Co Ltd - are all South Korean firms.

The Asian country is also the world's second-largest LNG importer after Japan. In 2014, Asia imported a record 182 million metric tonnes of LNG, with Japan accounting for 89 million metric tonnes, South Korea receiving 38 million metric tonnes, China bringing in 20 million tonnes and India 15 importing million tonnes.

The first key LNG bunkering feasibility study for the South Korean market was carried out by DNV and KOGAS following an agreement between both parties in January 2013.

Based on the agreement, DNV was tasked with examining the feasibility of implementing LNG bunkering in the ports of Busan, Incheon and Pyeongtaek.

Speaking at the time, DNV said: "This is one of the largest and most comprehensive feasibility studies ever initiated in the worldwide LNG bunkering industry."