South Korea: POSCO, five others sign clean energy project

Six South Korean companies - POSCO, POSCO Energy, Samsung C&T, GS Energy, Korea National Oil Corporation, and Korea Southern Power - signed a Memorandum of Understanding (MOU) to jointly promote the clean energy project that uses hydrogen and ammonia.

As part of the joint project, these companies plan to build a hub terminal in the East Sea area for storage of overseas-produced hydrogen and ammonia and supply the same to power plants or hydrogen charging stations.

Hydrogen and ammonia do not generate carbon dioxide in the combustion process. Hence, these are emerging as the next generation eco-friendly energy sources.

Promotion of the hub terminal project

As per the agreement, the six companies are expected to take the lead in the national vision and 2050 carbon neutrality goal and contribute to reducing greenhouse gases and revitalising the hydrogen economy.

The companies, based on their experiences in construction and operation of stockpile bases/hub terminals, are promoting this project.

While POSCO, Samsung C&T and GS Energy are expanding cooperation for clean energy production and technology development, POSCO Energy, Korea National Oil Corporation, and Korea Southern Power are building infrastructure and supply systems.

With the goal of establishing a hydrogen production system of 7 mntpa by 2050, POSCO is currently promoting more than 19 global hydrogen production projects in the Middle East, Australia, and Malaysia, and various other projects for production and supply of ammonia for domestic use.

Note: This insight has been published in accordance with an article exchange agreement between SteelMint and SteelDaily.