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Lotte Chemical signed a memorandum of understanding (MOU) with state-run Korea National Oil Corporation (KNOC) to jointly develop and invest in hydrogen businesses, the chemical company said Wednesday.
The goals of the MOU include: jointly investing and participating in hydrogen and ammonia production project overseas; developing and operating hydrogen and ammonia terminals; and co-developing an ammonia-to-hydrogen business.
Ammonia, a compound of hydrogen and nitrogen, can be split into hydrogen and therefore is considered a cost-effective medium for the storage and transportation of hydrogen.
Lotte Chemical aims to invest 6 trillion won ($4.3 billion) by 2030 to produce 1.2 million tons of clean hydrogen a year, and hopes to make annual revenue of 5 trillion won from its hydrogen business.
"Through the MOU, Lotte Chemical and KNOC will cooperate in clean hydrogen and ammonia businesses, based on each company’s capabilities," said Lotte Chemical CEO Kim Gyo-hyun.
"I believe it is very meaningful that two companies came together in creating a clean energy value chain encompassing the production, storage, distribution and utilization of hydrogen and ammonia," said KNOC CEO Kim Dong-sub.
Lotte Chemical and KNOC held a signing ceremony on Tuesday at Lotte World Tower in Jamsil, southern Seoul, with CEOs from both companies in attendance.
BY SHIN HA-NEE at Koreajoongangdaily