Hyundai Oilbank Power Subsidiary Signs Natural Gas Supply Contract with Gas Corporation

Hyundai E&F, a wholly owned subsidiary of Hyundai Oilbank, announced on the 23rd that it has signed a natural gas import contract with Korea Gas Corporation. From left to right: Joo Young-min, CEO of Hyundai Oilbank; Kim Myung-hyun, CEO of Hyundai E&F; Shin Guk-cheol, Head of Import Sales Division at Korea Gas Corporation; Chae Hee-bong, CEO of Korea Gas Corporation.

[Asia Economy Reporter Oh Hyung-gil] Hyundai Oilbank's wholly owned subsidiary Hyundai E&F announced on the 23rd that it has signed a natural gas import contract with Korea Gas Corporation.

The contract entails receiving 320,000 tons of natural gas annually for nine years starting in 2026. Hyundai Oilbank established Hyundai E&F in June last year and obtained permits for a district energy business to build an eco-friendly power plant.

Hyundai E&F plans to construct power generation facilities with a capacity of 230 tons of steam per hour and 290 MW of electricity, aiming for completion in 2025. The steam and electricity produced will be supplied to Hyundai Oilbank subsidiaries within the Daesan plant, such as Hyundai Chemical and Hyundai Shell Base Oil.

In addition to natural gas, an eco-friendly power plant capable of mixing up to 30% blue hydrogen produced at the Daesan plant will be built.

Joo Young-min, CEO of Hyundai Oilbank, stated, "Natural gas power generation reduces greenhouse gas emissions by up to 56% compared to fossil fuel power generation," adding, "If 30% blue hydrogen is mixed instead of natural gas, greenhouse gas emissions can be further reduced by about 11%."

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