KRICT and GS Caltex Sign MOU for Carbon Dioxide Capture and Utilization (CCU) Partnership

The Korea Research Institute of Chemical Technology (President Lee Young-guk) and GS Caltex (CEO Heo Se-hong) signed a memorandum of understanding on the 17th for cooperation in carbon dioxide capture and utilization (CCU) business and strategic partnership.

Kim Jung-su, Head of Strategic Planning at GS Caltex (left), and Lee Young-guk, President of the Korea Research Institute of Chemical Technology, are posing for a commemorative photo after signing a business cooperation agreement for the CCU project on the 17th. Photo by Korea Research Institute of Chemical Technology

With this memorandum of understanding, both parties plan to cooperate in CCU technology demonstration, commercialization feasibility review, and mutual technical support to lay the foundation for contributing to greenhouse gas reduction by 2030. The goal is to secure new technologies that can lead the CCU industry by combining GS Caltex's commitment to commercializing CCU technology with the application and utilization fields of CCU fundamental and demonstration technologies possessed by the Korea Research Institute of Chemical Technology.

The Carbon Neutral Chemical Process Demonstration Center at the Korea Research Institute of Chemical Technology, which will support this cooperation, established a catalyst demonstration facility necessary for petrochemical process development as the first phase in March, and plans to build a CCU demonstration support facility by the end of this year as the second phase.

President Lee Young-guk of the Korea Research Institute of Chemical Technology said, “We hope to create a new market called CCU and become a model case that practically helps carbon neutrality.”