Kumho Petrochemical Enters CCUS Business... Signs MOU with Hanguk Teuksugas

First Step Toward Commercializing CCUS for Carbon Dioxide Emission Reduction
Establishing a Cooperation System with Korea Special Gas

Baek Jong-hoon, CEO of Kumho Petrochemical (right), and Seo Heung-nam, CEO of Korea Special Gas (left), are posing for a commemorative photo after signing a memorandum of understanding for a carbon dioxide capture and utilization project. Photo by Kumho Petrochemical

[Asia Economy Reporter Donghoon Jeong] Kumho Petrochemical is advancing its carbon dioxide capture and utilization (CCUS) business.

On the 15th, Kumho Petrochemical announced that it signed a memorandum of understanding (MOU) with Korea Specialty Gas, a company specializing in industrial and medical gases, at the Signature Tower in Euljiro, Seoul, officially launching its entry into the CCUS business.

Kumho Petrochemical plans to establish a CCUS facility with an annual capacity of 70,000 tons by 2024 at the combined heat and power plant located in the Yeosu National Industrial Complex. The facility will selectively capture carbon dioxide from greenhouse gases generated during the steam and electricity production processes of the power plant. Korea Specialty Gas will convert the captured carbon dioxide from the CCUS facility into liquefied carbon dioxide and supply it to the carbon dioxide market.

A Kumho Petrochemical official stated, "The carbon dioxide reduction effect of this CCUS project is equivalent to planting about 26,000 new trees annually. This corresponds to the amount of oxygen needed by approximately 180,000 adults each year."

Alongside the CCUS business, Kumho Petrochemical is also focusing on indirect greenhouse gas reduction by considering the product life cycle. Notably, it plans to gradually expand investments in eco-friendly materials such as 'Eco-SSBR,' which applies chemically recycled styrene (RSM) to synthetic rubber 'SSBR,' and eco-friendly rubber composites using bio-silica. Furthermore, the company aims to contribute to national greenhouse gas reduction efforts and ultimately achieve Kumho Petrochemical’s 2050 carbon-neutral growth target.

Jonghoon Baek, CEO of Kumho Petrochemical, said, "We will continue to contribute to carbon neutrality and actively invest in businesses for a sustainable future. From a mid- to long-term perspective, we will also introduce technologies that can convert carbon dioxide into other carbon compounds with high added value."

Changu Park, Chairman of Kumho Petrochemical Group, also stated, "We will focus more on carbon neutrality and sustainable growth values to respond to the climate crisis."

Meanwhile, Korea Specialty Gas operates the wet carbon dioxide capture plant at Korea Midland Power’s Boryeong Thermal Power Complex under consignment. Leveraging its operational know-how and experience in selling liquefied carbon dioxide gas, it is expected to accelerate the CCUS business with Kumho Petrochemical.

Heungnam Seo, CEO of Korea Specialty Gas, said, "Based on our experience operating the only commercial-scale CO₂ capture plant in Korea and our gas sales capabilities, we will devote our efforts to creating a win-win CCUS business with Kumho Petrochemical."

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