Doosan Heavy Industries & Construction Signs 120 Billion KRW Hydrogen Liquefaction Plant Construction Contract

Doosan Heavy Industries & Construction signed the 'Changwon Hydrogen Liquefaction Project EPC Contract and Investment Commitment' at the Changwon City Hall main building on the 6th, and the attendees at the signing ceremony are taking a commemorative photo. From the left: Baek Jeong-han, Director of Changwon Industry Promotion Agency; Park In-won, Head of Plant EPC BG at Doosan Heavy Industries & Construction; Jeong Yeon-in, CEO of Doosan Heavy Industries & Construction; Heo Seong-mu, Mayor of Changwon; Park Jong-won, Vice Governor of Gyeongsangnam-do for Economic Affairs; Hwang Yoon-chul, President of BNK Gyeongnam Bank; Lee Dong-chan, Head of Korea Industrial Complex Corporation Gyeongnam Regional Headquarters; Kim Hee-seok, CEO of Hana Alternative Investment Management.

[Asia Economy Reporter Changhwan Lee] Doosan Heavy Industries & Construction is embarking on the construction of the country's first hydrogen liquefaction plant.

On the 6th, Doosan Heavy Industries & Construction announced that it signed the 'Changwon Hydrogen Liquefaction Project EPC Contract and Investment Commitment' with Gyeongsangnam-do Province, Changwon City, Changwon Industry Promotion Agency, BNK Gyeongnam Bank, Hana Alternative Investment Asset Management, and Korea Industrial Complex Corporation.

The signing ceremony held at the main building of Changwon City Hall was attended by Heo Seong-moo, Mayor of Changwon, Park Jong-won, Deputy Governor for Economic Affairs of Gyeongsangnam-do, Baek Jeong-han, Director of Changwon Industry Promotion Agency, Lee Dong-chan, Head of Gyeongnam Regional Headquarters of Korea Industrial Complex Corporation, and Jung Yeon-in, CEO of Doosan Heavy Industries & Construction.

Through this contract, Doosan Heavy Industries & Construction will construct the hydrogen liquefaction plant using the EPC (Engineering, Procurement, and Construction) method and will perform maintenance work for the next 20 years. The contract amount is approximately 120 billion KRW.

Gyeongnam Province and Changwon City will support administrative tasks for the hydrogen liquefaction project and have committed to purchasing liquefied hydrogen. BNK Gyeongnam Bank plans to invest 61 billion KRW of the total 95 billion KRW private project cost.

The plant aims to produce 5 tons of liquefied hydrogen per day and is scheduled to be completed by 2022 on the site within Doosan Heavy Industries & Construction's Changwon factory located in Changwon, Gyeongnam. Starting from 2023, the liquefied hydrogen produced through commercial operation will be supplied to hydrogen refueling stations nationwide.

Hydrogen, a clean energy source, is liquefied at an ultra-low temperature of minus 253°C. Liquefied hydrogen reduces volume to 1/800 compared to gaseous hydrogen, making storage and transportation easier. Hydrogen refueling stations also require half the land area compared to gaseous methods, allowing for integration with urban gas stations or LPG refueling stations.

The Changwon hydrogen liquefaction plant project was selected as part of the 'Industrial Complex Environmental Improvement Fund Project' promoted by the Korea Industrial Complex Corporation.

CEO Jung Yeon-in stated, "We will do our best to successfully carry out the country's first hydrogen liquefaction plant project," adding, "We will establish a liquefied hydrogen production base to contribute to the activation of the hydrogen economy infrastructure."

This content was produced with the assistance of AI translation services.