Australia, Chile, and Others Jointly Invest in Overseas Clean Hydrogen and Ammonia Production
Hwang Jin-gu, Head of Basic Materials Business at Lotte Chemical (right), signed a hydrogen and ammonia business memorandum of understanding (MOU) via video conference on the 29th with Ueno, Vice President of Sumitomo Corporation.
[Asia Economy Reporter Oh Hyung-gil] Lotte Chemical has partnered with Japan's Sumitomo Corporation to produce clean hydrogen and ammonia.
On the 29th, Lotte Chemical and Sumitomo Corporation signed a memorandum of understanding (MOU) via video conference for joint development and investment in the production and technology of clean hydrogen and ammonia. Hwang Jin-gu, Head of Basic Materials Business (Head of Hydrogen Energy Business Unit) at Lotte Chemical, and Ueno, Vice President of Sumitomo Corporation, attended the meeting.
The two companies will collaborate on joint investments in overseas clean hydrogen and ammonia production in countries such as Australia and Chile, commercialization and joint business of related technologies, joint investment in ammonia terminals in Korea and Japan, and projects related to carbon dioxide capture, utilization, and storage (CCUS).
In August, the two companies agreed to jointly demonstrate the world's first ammonia photolysis technology with the U.S. company Syzygy, and through this MOU, they will strengthen cooperation in the field of clean hydrogen and ammonia.
Lotte Chemical also established a cooperative relationship with Itochu Corporation in July. Through collaboration with leading Japanese trading companies, Lotte Chemical expects synergies in securing stable hydrogen and ammonia supply and expanding the market in the East Asian region.
CEO Hwang Jin-gu said, "We plan to expand cooperation not only domestically but also with various overseas companies in hydrogen production, distribution, and utilization," adding, "We will further solidify the foundation to prepare for the upcoming hydrogen economy society."
Meanwhile, based on core competencies such as large-scale consumption, mass supply chains, and eco-friendly technologies, Lotte Chemical aims to invest 6 trillion KRW by 2030 to produce 1.2 million tons of clean hydrogen, distribute and utilize it, and achieve sales of 5 trillion KRW.
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