Lotte Chemical-SK Innovation-SKIET Join Forces to Target Carbon Capture Market

Memorandum of Understanding Signed for Joint Business Cooperation on the 23rd
Strengthening Competitiveness of Core CCUS Carbon Capture Technology
"Carbon Neutral Policy, Petrochemical Industry's Proactive Implementation"

Lotte Chemical, SK Innovation, and SK IE Technology (SKIET) are collaborating to target the 'carbon capture' market, a core component of Carbon Capture, Utilization, and Storage (CCUS).

Lotte Chemical announced on the 23rd that it signed a Memorandum of Understanding (MOU) with SK Innovation and SKIET to strengthen competitiveness in the carbon capture field through technology development and business cooperation. Attending the signing ceremony were Hwang Min-jae, Head of Lotte Chemical's Integrated Technology Center, Kang Dong-su, Head of SK Innovation's Portfolio Division, and Lee Byung-in, Head of SKIET's BM Innovation Office.

The three companies plan to collaborate by leveraging their core carbon capture technologies and expertise to ▲ improve carbon capture processes ▲ develop high-performance new membranes and processes ▲ jointly discover new application areas ▲ jointly identify and invest in promising capture technologies.

On the 23rd, at Lotte World Tower in Songpa-gu, Seoul, (from left) Hwang Min-jae, Head of Lotte Chemical Comprehensive Technology Institute, Kang Dong-su, Head of SK Innovation Portfolio Division, and Lee Byung-in, Head of BM Innovation Office at SK IE Technology, attended and took a commemorative photo after signing the MOU.
[Photo by Lotte Chemical]

Lotte Chemical has established 2030 carbon reduction growth and 2050 carbon neutrality (NetZero) goals to respond to climate change and is actively working to implement them. Since 2018, it has been reviewing CCUS technologies and, in 2021, built and has been operating and researching a carbon capture demonstration facility at its Yeosu production plant.

Last year, it completed the design of a commercial-scale carbon capture process using gas separation membranes suitable for the petrochemical industry and is advancing technology demonstration and commercialization.

Head Hwang said, "We will reduce greenhouse gas emissions through synergy among companies possessing core technologies," adding, "This will provide an opportunity to expand future business portfolios and lead the petrochemical industry in realizing national carbon neutrality policies."

To secure carbon dioxide reduction and utilization technologies for the low-carbon era, Lotte Chemical invested in 2021 in Airrain, a gas membrane specialist company, and is collaborating on process design for CCU facilities applying gas separation membranes. The gas membrane-based carbon capture facility promoted by Lotte Chemical is gaining attention as an eco-friendly technology that does not use chemical substances.

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