Ulsan Port to Become a 'Green Hydrogen Logistics Hub'... Port Authority and Lotte Sign Business Agreement

Ulsan Port Authority, Lotte Fine Chemical, and 3 Others Participate

Conceptual diagram of imported hydrogen and hydrogen port. (Source: Ministry of Oceans and Fisheries)

[Sejong=Asia Economy Reporter Moon Chaeseok] The Ministry of Oceans and Fisheries announced on the 26th that it signed an online "Business Agreement for the Development of Ulsan Port Green Hydrogen Logistics Hub" with five related organizations and companies, including Ulsan Port Authority and Lotte Fine Chemical, to establish an overseas green hydrogen supply chain and logistics ecosystem at Ulsan Port. Green hydrogen is hydrogen produced by electrolyzing water using electricity generated from renewable energy, and no greenhouse gases are emitted during its production process.

Through the agreement, the Ministry of Oceans and Fisheries and each organization and company plan to cooperate by building dedicated hydrogen port infrastructure at Ulsan Port and constructing and operating hydrogen tank terminals. They will also support each other in securing overseas sales channels for green hydrogen and conducting demonstration projects necessary for importing overseas green hydrogen.

The volume of petroleum and liquefied natural gas (LNG) cargo handled at Ulsan Port was 153.15 million tons as of last year. As the largest energy import-export gateway in Korea, it accounted for 34% of the total cargo volume (449.15 million tons).

Ulsan Port is considered a hydrogen logistics hub port because it has concentrated infrastructure for handling energy cargo imported in liquid form and hydrogen demand sites such as the Ulsan Petrochemical Complex and National Industrial Complex within a 10 km radius.

On the 1st, the export loading dock at Hyundai Motor Company's Ulsan plant, where finished vehicles are waiting. Ulsan Port can be seen beyond the storage yard. (Image source=Yonhap News)

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