Gas Gong, the 'Big Picture' for Becoming a Leading Hydrogen Company

Five Core Tasks Selected for 2022... Including Establishment of Carbon Neutrality Action Plan

[Sejong=Asia Economy Reporter Kwon Haeyoung] Korea Gas Corporation views 2022 as the 'golden time' that will determine the next 30 years and is making bold and proactive investments in the hydrogen business. In line with the global shift toward eco-friendly energy paradigms, the company plans to transform into a global hydrogen leader through investments in the new energy sector of hydrogen and to activate the hydrogen economy.

On the 14th, according to the Gas Corporation, CEO Chae Hee-bong selected five key tasks for 2022 centered on this vision to leap into a 100-year future company.

Specifically, these include ▲establishing concrete carbon neutrality implementation plans and realizing early adoption of green hydrogen ▲expanding new energy businesses such as liquefied natural gas (LNG) cold energy and developing new business models ▲thorough supply and demand management and strengthening marketing for individual tariff plans ▲building a top-level safety management system ▲transitioning to digital-centered work methods and organizational innovation.

First, the company will actively expand cold storage and refrigeration logistics, air liquefaction, and data center businesses utilizing LNG cold energy, and accelerate overseas Gas to Power (GTP) projects in countries such as Vietnam and the Dominican Republic. To prepare for uncertainties in LNG supply and demand, it will establish economical purchasing strategies including securing additional long-term and spot volumes and reselling surplus volumes, while also exploring various tariff plans and contract methods to enhance competitiveness in individual tariff plans.

Additionally, in line with the full enforcement of the Serious Accident Punishment Act on the 27th of this month, the Gas Corporation will reorganize its safety organization and open external recruitment for the Vice President of Safety Technology. Alongside this, it will improve the efficiency of on-site safety operations and establish preventive measures for safety accidents involving partner companies. The company plans to actively and generously invest in fostering a safety-first organizational culture and build a top-tier safety management system.

Furthermore, the company plans to actively pursue digital work transformation that balances efficiency and productivity suitable for the new normal era, such as establishing smart offices; promote B2C-centered marketing and win-win cooperation linked with the Pegasus professional basketball team and key core businesses; and foster horizontal communication and collaboration, as well as establish a culture of integrity and anti-corruption.

CEO Chae emphasized, "In 2022, the Year of the Black Tiger, Korea Gas Corporation must focus on future goals like a tiger, swiftly running and seizing opportunities. Let all employees dream of the future together, take on challenges, and create a wonderful year to fully demonstrate their capabilities."

Korea Gas Corporation’s proactive investment in the hydrogen business is closely related to the global acceleration of carbon neutrality and countries’ efforts to shift paradigms toward eco-friendly energy. In July, the European Union (EU) announced the 'Fit for 55' policy, which raises the 2030 carbon emission reduction target from 40% to 55% compared to 1990 levels, introduces legislation for the Carbon Border Adjustment Mechanism (CBAM), and promotes carbon emission trading between countries through funding restrictions and other measures.

A company official stated, "Over the past 39 years, we have built a nationwide natural gas supply network and opened the era of natural gas as a national fuel in Korea, which was once a natural gas desert. Now, based on the paradigm shift toward eco-friendly energy, we are preparing to leap beyond being a natural gas operator to become a leading company in the hydrogen sector for a sustainable future amid rapidly changing environments."

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