Lotte Chemical, Samsung Engineering, POSCO and Malaysia SEDC Energy announced on the 26th that they had signed an MOU (Memorandum of Understanding) for the ‘development of the H2biscus clean hydrogen project in Sarawak, Malaysia’ on the 24th of January.
The signing ceremony, which was held in a non-face-to-face video format, was attended by senior executives from each company, including Kim Yeon-seop, head of ESG management at Lotte Chemical, Park Cheon-hong, head of Samsung Engineering’s solution business, Jo Joo-ik, head of POSCO’s hydrogen business, and SEDC chairman Abdul Aziz Bin Husain.
Through this MOU, Lotte Chemical, Samsung Engineering, and POSCO will collaborate with SEDC Energy, which oversees the hydrogen sector in Sarawak, Malaysia to develop a clean hydrogen project. Based on the results of the pre-feasibility study conducted last year, the four companies are planning to construct 630,000 tons of green ammonia, 600,000 tons of blue ammonia, 460,000 tons of green methanol, and 7,000 tons of green hydrogen per year in Sarawak. This month, we plan to verify this through a feasibility study, such as technology, legal, financial, tax, and market analysis, and continue with full-scale business development.
With this project, cooperation between Lotte Chemical, Samsung Engineering, and POSCO for the development and introduction of clean hydrogen has yielded substantial results. The three companies have built trust by participating in the 『Green Ammonia Consultative Group for Carbon Neutrality』 in July of last year and the 『Korea Hydrogen Economy Reporting Contest』 in October. In particular, in October, We have been collaborating on the development of hydrogen projects. The three companies plan to successfully complete this project based on their expertise in each field and partnerships so far.
It is expected to contribute greatly to the achievement of the domestic carbon neutrality goal and vitalization of the hydrogen economy. Of the products to be produced through this project, all of clean ammonia and clean methanol, except for 7,000 tons of green hydrogen to be used locally, will be imported to Korea and used by domestic companies. In addition, the three companies plan to take the lead in introducing clean hydrogen in Korea by developing overseas clean hydrogen projects in cooperation with major overseas clients.
“I am delighted to be able to carry out this business in cooperation with companies with the best expertise in each field,” said Kim Yeon-seop, head of Lotte Chemical’s ESG management division. We will take the lead in revitalizing the hydrogen economy of Korea and creating an eco-friendly ecosystem based on the efficient production capabilities that we have cultivated through the operation of the production base.”
Park Cheon-hong, head of Samsung Engineering’s Solution Business Division, said, “I am delighted to have achieved the first fruit of collaboration for the introduction of clean hydrogen overseas.” said. He also expressed his ambition, “We will strengthen our status as a ‘Green Solution Provider’ through strategic alliances and technology security in the hydrogen/carbon neutral field.”
Jo Joo-ik, head of POSCO’s hydrogen business division, said, “POSCO is currently participating in a number of global hydrogen production projects and building capabilities in the hydrogen business. We will make efforts to introduce clean hydrogen and transition to a hydrogen society.”
SEDC Chairman Abdul Aziz bin Hussain said, “We will become a global leader in the green energy sector by successfully implementing the H2biscus project based on teamwork with our partners.”
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