Lotte Fine Chemical has exported ammonia for the first time.
On the 18th, Lotte Fine Chemical announced that on the 17th, it shipped the first batch of ammonia exports to Vietnam from Ulsan Port, adjacent to the ammonia terminal at its Ulsan plant. The export volume is 8,500 tons.
Lotte Fine Chemical shipped its first batch of ammonia exports to Vietnam from Ulsan Port adjacent to the Ulsan Plant's ammonia terminal on the 17th. (Provided by Lotte Fine Chemical)
Lotte Fine Chemical plans to increase export volumes targeting the East Asia region. Currently, an export contract for 30,000 tons to the Northeast Asian market has been completed. In February, Lotte Fine Chemical established export facilities and signed a contract to purchase an ammonia transport vessel.
With this export, the company not only exports ammonia, which has been secured in large quantities from the Middle East and the Americas, to Asian countries such as Taiwan, Japan, and Southeast Asia, but also has secured maritime transport competitiveness to meet the ammonia co-firing demand of domestic power plants starting bids this year. The company plans to build a large-scale ammonia-based hydrogen production facility in Ulsan in line with the expansion of domestic demand.
As ammonia demand is expected to surge due to carbon neutrality, Lotte Fine Chemical aims to secure ammonia demand for hydrogen carriers, ship fuel, and power plant co-firing markets, targeting sales exceeding 1.4 trillion KRW in the clean hydrogen ammonia business by 2030.
Kim Yong-seok, CEO of Lotte Fine Chemical, said, "This marks a stepping stone for Korea to take its first step as Asia’s clean ammonia hub," adding, "Through active infrastructure investment, we will make every effort to secure demand in the power plant co-firing competition held this year."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
