POSCO International Partners with Global Energy Company Equinor for Eco-Friendly Business Collaboration

POSCO International signed a Memorandum of Understanding (MOU) for comprehensive cooperation in the eco-friendly sector with Equinor, a global energy company, on the 7th.

The signing ceremony was held at Equinor's Asia-Pacific headquarters in Singapore, attended by Jeon Hyun-hyuk, Head of POSCO International's Energy Division, Irene Rommelhoff, Senior Vice President of Equinor MMP, Ingunn Sveg?rden, Senior Vice President of Equinor's Asia-Pacific Renewable Energy Division and CEO of Singapore (Asia-Pacific region), among others.

Equinor is a Norwegian state-owned integrated energy company operating exploration and production of energy resources such as oil and natural gas in more than 30 countries worldwide. In particular, it is actively engaged in renewable energy projects and low-carbon hydrogen development in line with achieving carbon neutrality.

POSCO International signed a memorandum of understanding for comprehensive cooperation in the eco-friendly sector with Norwegian integrated energy company Equinor on the 7th. (From left in the photo) Jeon Hyuk Lee, Head of Energy Division at POSCO International, and Irene Rommelhoff, Senior Vice President of MMP at Equinor, are posing for a commemorative photo.
[Photo by POSCO International]

Under this MOU, the two companies plan to concretize cooperation in energy transition through ▲joint development of offshore wind power projects ▲joint development of low-carbon hydrogen and ammonia projects ▲establishment of steel supply chains ▲collaboration in the LNG business sector.

First, POSCO International will promote the 'Firefly Offshore Wind Project' with Equinor. This project involves installing 50 units of 15MW wind turbines 70km off the coast of Ulsan Metropolitan City, creating the world's largest floating offshore wind farm with a total capacity of 750MW.

Floating offshore wind power has the advantage of not interfering with fishing activities compared to fixed offshore wind power installed near the coast. Additionally, since it is installed offshore, there is no obstruction to the wind, allowing for relatively uniform wind speeds and stable power generation.

Besides this, POSCO International plans to strengthen cooperation with Equinor by exploring joint business development opportunities in low-carbon hydrogen and ammonia, establishing a steel supply chain for offshore wind power, and enhancing collaboration across the entire LNG value chain (exploration-production-storage-power generation) for sustainable energy solutions.

POSCO International recently officially declared its goal to achieve carbon neutrality by 2050, aiming to reduce carbon emissions by 37% by 2030 compared to 2021 levels and ultimately achieve net-zero carbon emissions by 2050. To this end, it has established a basic roadmap focusing on securing offshore wind energy sources along with expanding hydrogen co-firing and full combustion power generation and carbon capture and storage (CCS) projects.

To achieve this, POSCO International plans to develop a 300MW offshore wind farm by 2027 near the 14.5MW solar power and 62.7MW onshore wind power currently operated in Sinan, Jeollanam-do. It will also participate in joint development of offshore wind projects in the East Sea region, aiming to expand wind power generation capacity to 2GW by 2030, which is 30 times the current capacity.

Jeon Hyun-hyuk, Head of POSCO International's Energy Division, said, "Through this MOU, the company will create an opportunity to actively enter the renewable energy sector by jointly promoting offshore wind projects with global leading companies. We will continue comprehensive cooperation in eco-friendly fields such as low-carbon hydrogen and ammonia to steadily build a sustainable carbon-neutral ecosystem."

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