Lotte Chemical Partners with Japan's Mitsubishi Corporation on Clean Hydrogen and Ammonia Business

Overseas Clean Ammonia Production and Transportation Including the US
Joint Development Cooperation of Ammonia Import Terminals
Strategic Collaboration with Leading Japanese Trading Companies
Advancing Global Ammonia Introduction Cooperation and Market Development

On the 11th, at Lotte World Tower in Jamsil, Seoul, Hwang Jin-gu, Head of the Hydrogen Energy Business Group and Basic Materials Business Representative at Lotte Chemical (right), and Haba Hiroki, Head of the Next-Generation Fuel and Petroleum Business Division at Mitsubishi Corporation, held a ceremony to sign an MOU for clean hydrogen and ammonia business cooperation and took a commemorative photo. Photo by Lotte Chemical

[Asia Economy Reporter Choi Seoyoon] Lotte Chemical announced on the 12th that it will join hands with Mitsubishi Corporation, Japan's leading general trading company, to produce, supply, and develop the market for clean ammonia.

The two companies signed a memorandum of understanding (MOU) yesterday, attended by related executives including Jin-gu Hwang, Head of Hydrogen Energy Business Group and Basic Materials Business Representative at Lotte Chemical, and Hiroki Haba, Head of Next-Generation Fuel and Petroleum Business Division at Mitsubishi Corporation.

Through this agreement, Lotte Chemical and Mitsubishi Corporation agreed to collaborate on clean ammonia, which is gaining attention as a key energy source for achieving carbon neutrality, by ▲ cooperating in production and joint investment ▲ operating marine transportation and terminals ▲ and jointly supporting the establishment of clean hydrogen and ammonia policies by the governments of both countries.

Lotte Chemical plans to participate in overseas ammonia production projects, including in the United States, together with Mitsubishi Corporation to secure supply volumes domestically and internationally. Additionally, they will review joint development and efficient operation plans for ammonia import terminals in preparation for increased demand in Korea and Japan.

Lotte Chemical is pursuing strategic collaboration with major Japanese trading companies for hydrogen and ammonia businesses. In July, it signed an MOU with Itochu Corporation, and in September, with Sumitomo Corporation, agreeing to cooperate on global ammonia import and to pioneer markets across East Asia, including Korea and Japan.

Jin-gu Hwang, Head of Hydrogen Energy Business Group at Lotte Chemical, said, “Through comprehensive cooperation with Mitsubishi Corporation, we plan to proactively respond to the demand and supply chain establishment for clean hydrogen and ammonia in both Korea and Japan. We will join forces with global partners to concretize the value chain from production, transportation, storage to market supply, leading the future hydrogen economy society.”

Lotte Chemical has set a goal to invest a total of 6 trillion KRW by 2030 to produce 1.2 million tons of clean hydrogen, distribute and utilize it, and achieve sales of 5 trillion KRW. In preparation for increasing domestic demand, it plans to introduce overseas clean ammonia and contribute to carbon reduction growth and the creation of a green circular ecosystem centered on hydrogen, based on core competencies such as large-scale consumers, mass supply chains, and eco-friendly technologies.

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