- LOTTE Chemical, a global chemical company, joins with Samsung Engineering, a global plant specialist, and POSCO, a global steelmaker, for joint development of hydrogen projects in Korea and abroad… Specialties will be gathered for the introduction of clean hydrogen.
LOTTE Chemical will cooperate with Samsung Engineering and POSCO for the eco-friendly hydrogen business.
LOTTE Chemical, Samsung Engineering, and POSCO announced on the 28th that they have entered an MOU for ‘a partnership for the development of hydrogen business in Korea and abroad.’ The top management gathered at Hotel Signiel in Jamsil, Seoul for the MOU including CEO Hwang Jin-koo of LOTTE Chemical’s Basic Materials Division, President Choi Sung-an of Samsung Engineering, and Manager Yoo Byung-ok of POSCO’s Industrial Gas∙Hydrogen Division.
Highlights
- Blue/Green hydrogen for carbon neutralization and development of hydrogen businesses in Korea and abroad with investment and partnerships.
- “With our experience in operating various global hubs and efficient production, we will contribute to the development of hydrogen industry for eco-friendliness,” said CEO Hwang Jin-koo of LOTTE Chemical’s Basic Materials Division.
- “We will contribute to the revitalization of hydrogen economy and carbon neutralization with our global networks and technology,” said President Choi Sung-an of Samsung Engineering.
- “We will pioneer carbon neutralization of Korea through cooperation instead of competition, as the leaders of steelmaking, chemicals, and engineering,” said Manager Yoo Byung-ok of POSCO’s Industrial Gas∙Hydrogen Division.
The industries in Korea today have agreed that it is essential to introduce the clean hydrogen from abroad to achieve the mid/long-term goal for carbon neutralization and the revitalization of hydrogen economy, and have been taking lead in the related businesses. The three companies participated 『Green Ammonia Council for Carbon Neutralization』 last July and 『Korea’s Performance of Hydrogen Economy Report Seminar』 in October to participate in the movement for hydrogen economy in Korea and the introduction of clean hydrogen from abroad. For the green/blue hydrogen business in Sarawak, Malaysia, they have jointly conducted preliminary feasibility survey with the state government.
With the MOU the three companies will cooperate for △ realization Net Zero with blue/green hydrogen and △ development, investment, and operation in relation to the hydrogen business in Korea and abroad. They are planning to share the expertise and experience in each field and the performances related to hydrogen for synergies and leadership in the hydrogen economy in Korea.
Along with ‘Green Promise 2030’ with ESG management strategies and eco-friendly objectives, LOTTE Chemical announced ‘Every Step for H2,’ the eco-friendly hydrogen growth roadmap to achieve carbon neutralization and supply 30% of hydrogen consumed in Korea by 2030, last July. LOTTE Chemical is planning to produce, apply, and develop clean hydrogen based on the key capacities related to large-scale consumers, large-capacity supply networks, and eco-friendly technologies.
Samsung Engineering, with the mission to be 『Beyond EPC, Green Solution Provider』, is dedicated to carbon neutralization based on hydrogen and CCUS. With extensive experience in EPC, technological expertise, and global networks, they are securing technologies and developing projects involving clean hydrogen, clean ammonia, and CCUS. For that purpose, they invested 30 billion KRW in the investment union organized by Samsung Venture Investment last March to secure technologies and signed an MOU for the ‘use of CCUS and hydrogen energy’ with Baker Hughes, a global energy specialist, in June.
POSCO has declared the vision to be 『the green hydrogen frontier for the hydrogen economy』 and the blueprint to construct a system to produce 5,000,000 tons of green hydrogen by 2050. At the same time, they will commercialize the hydrogen reduction ironmaking using hydrogen instead of coal to replace the existing furnace step by step by 2050 to achieve carbon neutralization. They are quickly dominating businesses and technologies related to the production, transportation, storage, and application of hydrogen. For hydrogen production, they are participating in a number of green hydrogen production projects in Australia and the Middle East and taking leadership in ammonia hydrogen extraction technology, which is the key technology for hydrogen transportation and storage, in cooperation with various research facilities.
“It is a great pleasure for us to work with the companies with the highest level of expertise and influence in the industry,” said CEO Hwang Jin-koo of LOTTE Chemical’s Basic Materials Division. “With our experience in operating various global hubs and efficient production, we will contribute to the development of hydrogen industry for eco-friendliness.”
“We are grateful that we have joined hands with the leaders boasting the greatest expertise and experience in the industry,” said President Choi Sung-an of Samsung Engineering. “We will contribute to the revitalization of hydrogen economy and carbon neutralization with our global networks and technology.”
“It is a significant beginning of leadership for carbon neutralization in Korea through cooperation, not competition, of leaders in steelmaking, chemicals, and engineering,” said Manager Yoo Byung-ok of POSCO’s Industrial Gas∙Hydrogen Division. “We expect to discover competitive businesses abroad and secure the buying power through partnerships with LOTTE Chemical and Samsung Engineering based on our global capacities related to hydrogen.”
Read the most up to date Fuel Cell and Hydrogen Industry news at FuelCellsWorks
