Investment Agreement Worth Approximately 3.9 Trillion Won Signed,
Designation of Opportunity Development Special Zone, Creation of Clean Hydrogen Industry Cluster, etc.
On the 29th, Yeosu City, Jeollanam-do (Mayor Jeong Gi-myeong) signed an investment agreement for the establishment of a blue hydrogen production cluster project worth approximately 3.9 trillion KRW, marking the redevelopment area of Myodo Port in Yeosu as a key hub for the hydrogen industry.
The investment agreement, held at the Seo Jae-pil Room of Jeollanam-do Provincial Office, was attended by Yeosu City, Jeollanam-do, Northeast Asia LNG Hub Terminal Co., Ltd., Myodo Combined Heat and Power Co., Ltd., Myodo Fuel Cell Power Co., Ltd., Linde Korea Co., Ltd., Hanyang Co., Ltd., and Ecolog Co., Ltd.
According to the agreement, five private partner companies plan to establish a blue hydrogen production cluster by 2029 within the Myodo Port redevelopment project site, including ▲ LNG hub terminal ▲ hydrogen production ▲ combined heat and power plant ▲ hydrogen-utilizing fuel cell power generation ▲ carbon capture, liquefaction, and storage facilities.
Northeast Asia LNG Hub Terminal Co., Ltd. will import LNG from overseas and supply it to nearby industrial complexes and other demand sites, while the German-affiliated company Linde Korea Co., Ltd. will reform LNG to produce blue hydrogen.
Using hydrogen produced through LNG reforming, Myodo Combined Heat and Power Co., Ltd. and Myodo Fuel Cell Power Co., Ltd. will generate heat and energy to supply to nearby industrial complexes. The CO2 generated during the LNG reforming process will be captured by the Greek-affiliated company Ecolog and stored in abandoned mines in Australia.
This project is significant not only for creating 250 direct jobs and revitalizing the local economy but also for establishing a carbon-neutral ecosystem in an era where global demands for greenhouse gas reduction are relentless.
Accordingly, Yeosu City, together with Jeollanam-do, plans to apply to the Ministry of Trade, Industry and Energy for designation as an ‘Opportunity Development Zone’ to foster the investment hub by developing the approximately 340,000-pyeong Myodo district, which is being promoted as a port redevelopment project, into a ‘hydrogen industry cluster.’
The ‘Opportunity Development Zone’ is an area that provides a package of support including tax and financial incentives, regulatory exemptions, and improvements in residential conditions to attract large-scale corporate investments to local regions.
Once the hydrogen industry cluster is established, it is expected to have a significant ripple effect on nearby industrial complexes. Positioned at the center of the chemical and steel industries, which are major CO2 emitters, Myodo will become a pivotal axis for the transition to eco-friendly energy, creating synergy with adjacent industrial complexes and greatly contributing to carbon emission reduction.
Mayor Jeong Gi-myeong of Yeosu stated, “With the establishment of this hydrogen industry cluster, we will spare no administrative support to solve global challenges and coexist with local residents,” adding, “We will continue to attract eco-friendly industries to drive the creation of quality jobs and the revitalization of the local economy.”
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