The Hong Kong Marine Department has launched a new incentive scheme to promote domestic bunkering of liquefied natural gas (LNG) and green methanol.

IMAGE: Cargo ships in Hong Kong's Victoria Harbour. Getty Images

Each supplier can claim HKD 500,000 (about $63,000) for each of its first two LNG or green methanol bunker operations within one year of completing the required risk assessment.

A company can claim the incentive for up to two LNG operations and two green methanol operations.

The total funding available is capped at HKD 2 million (about $250,000) per fuel type and will be disbursed on a first-come, first-served basis until the funding is depleted.

Suppliers must conduct risk assessments and secure Marine Department approval for the bunkering mode. They also have to us licensed, compliant vessels to deliver bunker fuels in Hong Kong waters, the marine department said in a supporting advisory.

Companies must be registered in Hong Kong or have a local subsidiary, as well as legal access to at least one Hong Kong-licensed bunker vessel.

The incentive will help “pioneer companies” cover preparatory investments, such as risk assessments, and support early bunker development, the government explained.

By Konica Bhatt

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