Ryu Yeol, President of S-Oil (left), and Ko Jung-seok, President of Samsung C&T, are posing for a commemorative photo after the eco-friendly hydrogen and biofuel business partnership agreement ceremony held on the 17th. [Asia Economy Reporter Choi Dae-yeol] S-OIL and Samsung C&T announced on the 22nd that they have agreed to collaborate on new energy businesses such as hydrogen.
As part of leading eco-friendly energy businesses for carbon neutrality, they signed an agreement containing these details on the 17th. Regarding the hydrogen business, they plan to build infrastructure, develop hydrogen supply and operation businesses, and explore businesses involving the purchase and distribution of overseas clean ammonia and hydrogen.
In the next-generation energy business sector, they will consider joint research and development, demonstration, and proactive joint investment to supply high-efficiency hydrogen fuel cells. They will also collaborate on developing eco-friendly biodiesel and next-generation bio-aviation fuel, sourcing raw materials using overseas infrastructure, production, and marketing.
The companies expect synergies from S-OIL’s crude oil refining capabilities and petrochemical facilities, along with Samsung C&T’s global network. S-OIL is enhancing its carbon management system aiming to achieve net-zero carbon emissions by 2050, responding to climate change while developing new business models.
They are investing in shares of fuel cell venture companies and, in cooperation with their major shareholder Saudi Aramco, are exploring various ways to utilize green hydrogen and ammonia. They are considering introducing complex hydrogen charging stations in Seoul and have also participated in the special purpose company Kohygen, which is establishing hydrogen charging infrastructure for buses and trucks.
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