POSCO, Samsung, GS and 3 Other Companies "Cooperate Across Entire Clean Energy Supply Chain"

"Securing Hydrogen, Ammonia, etc... Prioritizing Donghae Hub Terminal Project"

Key figures attending the 'East Coast Clean Energy Hub Terminal Construction Project Agreement Ceremony' held on the 23rd at the headquarters of Samsung C&T Corporation's Construction Division in Gangdong-gu, Seoul, pose for a commemorative photo. From the left: Kim Seong-won, Vice President of GS Energy; Shim Jae-won, Director of Korea Southern Power; Choi Moon-gyu, Vice President of Korea National Oil Corporation; Lee Byung-soo, Vice President of Samsung C&T Corporation's Construction Division; Jeong Ki-seop, President of POSCO Energy; Yoo Byung-ok, Vice President of POSCO. (Photo by POSCO)

[Asia Economy Reporter Moon Chaeseok] Six major companies and public institutions, including POSCO, Samsung, and GS, have agreed to jointly promote clean energy projects such as hydrogen and ammonia. They plan to collaborate across the entire clean energy supply chain, including infrastructure development and capacity expansion. The project will begin with the construction of a 'hub terminal' in the East Sea region.

On the 24th, the six companies?POSCO, POSCO Energy, Samsung C&T, GS Energy, Korea National Oil Corporation, and Korea Southern Power?announced that they signed a memorandum of understanding (MOU) on the 23rd to jointly promote clean energy projects. Attendees at the signing ceremony included Yoo Byung-ok, Vice President of POSCO's Eco-friendly Future Materials Team; Jeong Gi-seop, President of POSCO Energy; Lee Byung-soo, Vice President of Samsung C&T's Construction Division; Kim Sung-won, Vice President of GS Energy; Choi Moon-gyu, Vice President of Korea National Oil Corporation; and Shim Jae-won, Head of Korea Southern Power.

The six companies agreed to jointly develop infrastructure for importing and storing clean energy produced overseas and to build supply chains. They plan to expand cooperation throughout the entire supply chain. Through this agreement, the six companies aim to take a leading role in achieving carbon neutrality by 2050 and contribute to greenhouse gas reduction and the activation of the hydrogen economy.

First, they will proceed with the construction of the 'hub terminal,' a clean energy storage and supply facility in the East Sea region. Hydrogen and ammonia, which are zero-carbon energy sources, do not produce carbon dioxide during combustion. Especially when used as fuel for power generation, they can significantly reduce carbon emissions.

The six companies are also increasing cooperation overseas. POSCO, Samsung C&T, and GS Energy are expanding collaboration on clean energy production and technology development, focusing on the Middle East. POSCO Energy, Korea National Oil Corporation, and Korea Southern Power are jointly building clean energy infrastructure and supply systems.

POSCO aims to establish an annual hydrogen production system of 7 million tons by 2050 and is currently pursuing more than 19 hydrogen production projects overseas in regions such as the Middle East, Australia, and Malaysia. It is also dedicated to developing various technologies to import and utilize hydrogen in ammonia form domestically. POSCO Energy has started projects such as building receiving terminals for imported clean energy storage and introducing co-firing power generation using hydrogen and ammonia in existing fossil fuel power plants like liquefied natural gas (LNG) and coal facilities.

Samsung C&T is concretizing development projects to build green hydrogen production infrastructure in the Middle East and Australia. Utilizing the capabilities of its subsidiary WESSO, a world-class energy storage facility design company, it is accelerating the development of liquefied hydrogen storage facilities and regasification technologies. GS Energy is actively participating in Middle East ammonia projects, including securing a 10% stake in Abu Dhabi National Oil Company's (ADNOC) blue ammonia development project at the end of last year.

Korea National Oil Corporation, with a new vision as a 'carbon-neutral leading company,' signed a joint research and pilot introduction contract for low-carbon ammonia with ADNOC last month, embarking on securing overseas supply chains. It is promoting the construction of ammonia storage and distribution infrastructure.

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