POSCO International and Norway-based energy giant Equinor inked a Memorandum of Understanding (MoU) on the 7th of this month in Singapore. The signing ceremony featured key executives including Lee Jeon-hyeok, head of POSCO International’s energy division, and Irene Rummelhoff, senior vice president of Equinor MMP.
This multi-layered MoU outlines collaboration in several sectors: the joint development of a 750 MW floating offshore wind farm in Ulsan, low-carbon hydrogen and ammonia projects, a steel supply network for offshore wind initiatives, and cooperation in the LNG value chain.
POSCO International will partner with Equinor in what’s been dubbed the ‘Firefly offshore wind power project.’ The undertaking aims to construct the world’s largest floating offshore wind farm, strategically located 70 km offshore from Ulsan Metropolitan City. The installation’s design allows for minimal interference with fishing activities and ensures consistent wind speeds for stable energy production.
Beyond wind power, the partnership will explore collaborative ventures in the hydrogen and ammonia sectors. In addition, the duo aims to develop a robust steel supply network that supports these green initiatives. All this aligns with POSCO’s recent announcement pledging carbon neutrality by 2050 and a 37% carbon emissions reduction by 2030, relative to 2021 levels.
Lee Jeon-hyeok expressed his optimism, stating, “This MoU sets the stage for our sustainable, carbon-neutral future by catalyzing joint offshore wind projects with industry leaders.”
On the other side, Irene Rummelhoff of Equinor added, “This alliance allows Equinor to deepen our commitment to Korea’s carbon neutrality and energy transition objectives. We’re fully behind this collaborative effort to achieve carbon neutrality.”
Equinor, owned by the Norwegian state, currently operates in 30 countries focusing on oil and natural gas. However, as the global push for carbon neutrality gains momentum, the company has been notably expanding its reach into renewable energy and low-carbon hydrogen projects.
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