Passage of the Korea National Oil Corporation Act Amendment, Launching Low-Carbon New Energy Projects

Establishing Foundations for Carbon Neutrality, Greenhouse Gas Reduction, and Hydrogen Compound Projects

Opening the Path to Industrial Ecosystem Development Based on 40 Years of Accumulated Technology Expertise

The amendment to the Korea National Oil Corporation Act has passed the National Assembly, launching a national low-carbon new energy project.

Korea National Oil Corporation (President Kim Dong-seop) announced on the 11th that the "Partial Amendment to the Korea National Oil Corporation Act," which includes the basis for the corporation's CCS (Carbon Capture and Storage) and hydrogen-ammonia business promotion, passed the plenary session of the National Assembly on the 8th.

The amendment, proposed by both ruling and opposition parties and passed by the National Assembly plenary session, adds "carbon neutrality and greenhouse gas reduction" to the purpose of establishing the Oil Corporation. To achieve this purpose, the scope of business now includes "carbon reduction such as carbon capture, transportation, and storage" and "development, production, import and export, stockpiling, transportation, leasing, sales, processing of ammonia and other hydrogen compounds, and supply of their derivatives."

With the passage of the amendment to the Korea National Oil Corporation Act in the National Assembly plenary session, the Oil Corporation has secured a clear basis to expand its business into the low-carbon new energy sector. The corporation plans to actively promote CCS projects and clean hydrogen-ammonia businesses going forward.

The Oil Corporation is advancing Korea's first CCS demonstration project, storing 1.2 million tons of carbon dioxide annually by utilizing the Donghae gas field, which has ceased production. It is also actively exploring large-scale domestic and overseas carbon dioxide storage sites to achieve the government's 2050 carbon neutrality goal.

Based on its accumulated LPG stockpiling technology, the Oil Corporation is promoting infrastructure development such as ammonia receiving and stockpiling bases with similar properties, as well as securing overseas supply chains.

In line with global greenhouse gas reduction obligations and energy transition, the Oil Corporation plans to lead the creation of a low-carbon new energy industry ecosystem by utilizing the oil development and stockpiling technologies it has accumulated over the past 40 years, contributing to the achievement of national greenhouse gas reduction targets.

Korea National Oil Corporation.

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