KEPCO, Samsung C&T, UAE Green Hydrogen and Ammonia to form ‘Team Korea’, annual production of 200,000 tons for a carbon-neutral and hydrogen ecosystem.
The first overseas green ammonia project in Korea to produce 200,000 tons of ‘green ammonia’ annually is being promoted.
KEPCO, Korea Western Power, and Samsung C&T (construction sector) signed a ‘UAE Kizard Green Hydrogen and Ammonia Business Joint Development Agreement’ with Petrolin Chemie, a local developer, at the UAE Kizard Industrial Complex on the 31st of last month (Korean time). did.
This project is to build a green ammonia production plant with an annual capacity of 200,000 tons in the UAE Abu Dhabi Kizad Industrial Complex. It is promoted as a two-phase project.
KEPCO, Korea Western Power, and Samsung C&T are attracting attention as Korea’s first overseas green hydrogen and ammonia project to form and participate in ‘Team Korea’.
In particular, it is considered to be of great significance as a symbolic project that will take the first step in a huge market estimated to be worth 130 trillion won per year from 2050.
These three companies plan to play a role as the ‘First Mover’ by preempting the global hydrogen and ammonia market and presenting a new business model sample to the unexplored market at the present moment when the global hydrogen ecosystem is emerging.
As the first overseas green hydrogen business platform, it is expected that it will achieve the national greenhouse gas reduction target (NDC) and increase the energy self-development rate through a cyclical approach of ‘development-investment-production-transport-distribution’.
As the first project for participating companies to achieve their carbon-neutral vision, it is expected to serve as an opportunity to enhance corporate competitiveness in the global green hydrogen market and expand future growth engines through the expansion and reproduction of future business models.
Meanwhile, the government is pushing for a 40% reduction in carbon emissions compared to 2018 by 2030 and achieving carbon neutrality by 2050.
Accordingly, the power generation sector is expected to require 11 million tons of ammonia per year after 2030 and 13.5 million tons of hydrogen per year after 2050. Currently, more than 80% of these must be procured overseas.
KEPCO and Samsung jointly promote Korea’s first ‘overseas green ammonia project’, June 1, 2022
