[AirUP, On Site] The 'Gas Olympics' Kick Off... Catching Two Rabbits: Hydrogen and Energy Security

Daegu Hosts World Gas Congress... 460 Energy Companies Gather
About 20,000 Attendees from 80 Countries... Major Players Like ExxonMobil, Shell Also Present
Gas Corporation Strengthens Hydrogen Network at Congress... Accelerates Core Technology Acquisition
President Chae Hee-bong: "Seeking Cooperation with Europe... Accelerating Green Hydrogen Transition"

KOGAS exhibition booth installed at the 28th World Gas Conference.
[Photo by Korea Gas Corporation]

[Asia Economy Sejong=Reporter Lee Jun-hyung] EXCO, located in Buk-gu, Daegu, is currently buzzing with a festive atmosphere. From the 24th to the 27th, the 28th World Gas Conference, the world's largest gas event, is being held here. Hosted by the International Gas Union (IGU), the Gas Conference is highly significant in the industry, often referred to as the "Gas Olympics."

The Gas Conference is an international event with a history of about 90 years. The 1st Gas Conference was held in 1931 in London, UK. Since 1931, IGU has held the Gas Conference every three years to promote exchanges among gas companies. The event held in Daegu is the 28th Gas Conference. Our government succeeded in hosting the Gas Conference in 2014 after three attempts. Originally, the 28th Gas Conference was scheduled for last year but was postponed by one year due to the COVID-19 pandemic. This is the third time the Gas Conference is held in Asia, following Tokyo, Japan (2003) and Kuala Lumpur, Malaysia (2012).

Industry ‘Big Players’ Gather... Economic Effect of 100 Billion KRW

As the largest event in the gas industry, global energy companies have also gathered in full force. This Gas Conference brings together 460 global energy companies including ExxonMobil, Shell, and British Petroleum (BP). The event, held over four days, is attended by about 20,000 gas industry professionals from 80 countries. Industry ‘big players’ such as Peter Clarke, Vice President of ExxonMobil, and Al Thani, President of QatarGas, are also attending in large numbers. The lineup of speakers is impressive, including former UN Secretary-General Ban Ki-moon and Fatih Birol, Executive Director of the International Energy Agency (IEA).

The impact of this conference on the domestic gas industry is significant. The 162 member countries of IGU, which hosts the Gas Conference, account for 95% of the world's gas trade volume. Considering that most companies leading the global gas market attend the Gas Conference to seek business cooperation opportunities, the economic effect of the event is highly regarded. In fact, Korea Gas Corporation expects the domestic hosting of the Gas Conference to create 1,200 jobs and generate 100 billion KRW in production inducement. The conference also provides opportunities to expand cooperation with international organizations and overseas authorities.

Korea Gas Corporation is participating as the main sponsor of the conference. As the only natural gas wholesaler in Korea, it is actively supporting the first-ever Gas Conference held in Korea. Additionally, Korea Gas Corporation is operating the largest exhibition hall at this conference.

Strengthening LNG Supply Chain... Accelerating Hydrogen Business

Korea Gas Corporation expects to significantly strengthen the natural gas supply chain through this conference. Energy security, highlighted by geopolitical conflicts, is one of the key agendas of this conference. In particular, natural gas has become a ‘hot potato’ in energy security due to price surges and supply instability triggered by the Ukraine crisis. Korea Gas Corporation aims to enhance the stability of domestic liquefied natural gas (LNG) supply through the conference.

Aligned with the conference theme of ‘carbon neutrality,’ Korea Gas Corporation plans to accelerate its new hydrogen business. First, through the conference, it will hold individual meetings with 12 major energy companies participating in the conference, including ExxonMobil and Chevron, to establish a hydrogen cooperation system. Korea Gas Corporation explains that securing core hydrogen technologies and expanding the introduction of clean hydrogen require a network with global energy companies.

Cha Hee-bong, President of Korea Gas Corporation, is delivering the keynote speech at the 28th World Gas Conference on the 24th. [Photo by Korea Gas Corporation]

Hee-bong Chae, President of Korea Gas Corporation, emphasized the importance of the hydrogen business again in his keynote speech the day before. President Chae stated, "The megatrend of carbon neutrality is irreversible," adding, "We must reduce dependence on fossil fuels exposed to high geopolitical risks and price volatility and accelerate the energy transition centered on renewable energy and green hydrogen."

Meanwhile, Korea Gas Corporation declared its new business vision in the second half of last year and has been accelerating its hydrogen business since this year. It also announced plans to establish an annual hydrogen supply capacity of 830,000 tons by 2030. Starting next year, it will produce 5,000 tons of gaseous hydrogen in Changwon and Gwangju. At the Pyeongtaek and Tongyeong bases, it plans to produce 20,000 tons and 10,000 tons of liquefied hydrogen respectively by 2030 to supply the metropolitan and southern regions.

President Chae said, "We are exploring cooperation plans with European companies and others to build a clean liquefied hydrogen value chain," adding, "We will go beyond being a ‘big buyer’ in the LNG market and leap forward as a global green energy company in the carbon-neutral era."