The Prime Minster of India Narendra Modi has visited Hyundai Heavy Industries (HHI) as part of his two-day visit to South Korea, to seek increased partnership between Indian shipyards and HHI, with a particular focus on the construction of naval vessels and liquefied natural gas (LNG) carriers.
HHI is reported to be the only Korean company the Prime Minister visited during his two-day stay in Korea.
During the meeting held at the HHI headquarters in Ulsan, the Prime Minister Modi and the HHI management discussed various ways to expand cooperation on naval defense, LNG carrier construction and shipbuilding technology.
In the foreseeable future, India’s state-run gas company GAIL is likely to place an order of maximum 11 LNG carriers to haul LNG from the US to India for 20 years starting in 2017.
Meanwhile, HHI recently signed a Memorandum of Understanding (MoU) with India-based engineering major Larson & Toubro on technological support for construction of LNG carriers. The visit of the Prime Minister this time is expected to cement the ties between HHI and its Indian counterpart.
During Prime Minister Modi’s two-day visit to South Korea, the Ministry of Shipping of the Republic of India and the Ministry of Oceans and Fisheries of the Republic of Korea signed a Memorandum of Understanding (MoU) on cooperation in the fields of maritime transport and logistics. The MoU will allow the countries to cooperate in the fields of maritime transport and logistics, including sharing of technologies, information and experiences, training of seafarers, exchange of experts, port operations, etc.