GS Caltex Signs CCUS Business Agreement with 8 Companies... Laying Foundation for Expanding Hydrogen Value Chain

Promotion of Low-Carbon Business Development Including CCUS Blue Hydrogen Cluster Establishment

On the 14th, GS Caltex signed a business agreement for the CCUS project with eight companies. From left to right in the photo, Anjun Jeong, Vice President of Namhae Chemical; Ihyun Nam, CEO of Hanwha Solutions; Yunhong Heo, President of GS Construction; Junghoon Kim, CEO of Hyundai Glovis; Doohee Lee, Head of Production at GS Caltex (fourth from the right); Sanggi Jo, Head of Business at Korea East-West Power; Sungwon Kim, Vice President of GS Energy; and Baekseok Sung, Chairman of Linde Korea, are posing for a commemorative photo. Photo by GS Caltex

[Asia Economy Reporter Donghoon Jeong] GS Caltex and leading companies from various sectors in Korea have joined hands to develop CCUS (Carbon Capture, Utilization, and Storage) projects.

On the afternoon of the 14th, GS Caltex signed a "Corporate Consortium Agreement for CCUS Projects" at the Hyundai Glovis headquarters located in Wangsimni, Seoul, together with Korea East-West Power, Hyundai Glovis, Hanwha Solutions, Samsung C&T, Namhae Chemical, Linde Korea, GS Energy, and GS Construction.

The signing ceremony was attended by executives from the nine participating companies, including Doohee Lee, Head of Production at GS Caltex; Sanggi Jo, Vice President of Korea East-West Power; Junghoon Kim, CEO of Hyundai Glovis; Ihyun Nam, CEO of Hanwha Solutions; Baekseok Sung, CEO of Linde Korea; Anjun Jeong, Vice President of Namhae Chemical; and Yunhong Heo, Head of New Business Division at GS Construction.

Through this business agreement, GS Caltex plans to define the scope of CCUS projects among participating companies and strengthen cooperation, expanding the entire value chain of CCUS projects.

CCUS technology refers to the comprehensive technology that separates, captures, stores, or utilizes carbon dioxide from exhaust gases generated at industrial sites to prevent its release into the atmosphere. Depending on the method of carbon treatment, it can be classified into CCS (Carbon Capture and Storage) and CCU (Carbon Capture and Utilization).

GS Caltex will participate in developing the entire CCUS business area, including capturing, utilizing, and storing carbon dioxide emitted from its Yeosu plant, and will be responsible for supplying blue hydrogen. Blue hydrogen is hydrogen produced using natural gas and carbon capture facilities, where carbon dioxide is captured and stored to reduce carbon emissions.

Hyundai Glovis will participate in the CO2 maritime transportation business based on its expertise in obtaining the world's largest liquefied carbon dioxide (CO2) carrier Approval in Principle (AIP). The CO2 will be stored in CO2 storage sites developed by GS Energy and Linde Korea, where CCS projects will be conducted. Additionally, Hanwha Solutions, Hyundai Glovis, GS Construction, Samsung C&T Trading Division, and Namhae Chemical will participate in the CCU projects.

Korea East-West Power will act as a carbon capture and blue hydrogen supply operator, with GS Construction and Linde Korea also participating as capture operators.

The nine participating companies will initiate CCUS project planning, derive optimal CCUS business models, and conduct feasibility studies. They also plan to prepare for participation in government projects and tasks aligned with the government's carbon neutrality policies.

Through this CCUS project, carbon dioxide emitted from GS Caltex's Yeosu plant and other factories within the Yeosu industrial complex will be captured and utilized as raw materials for chemical conversion and mineral carbonation, while the remaining carbon dioxide will be transported to domestic and international landfills for underground storage.

Doohee Lee, Head of Production at GS Caltex, stated, "This business agreement has laid the foundation for establishing carbon dioxide reduction measures within the Yeosu industrial complex." He added, "We will continue to discover carbon reduction measures to achieve a carbon-neutral society and expand our business into various eco-friendly energy sources."

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