Korea National Oil Corporation Strengthens Cooperation with Major Japanese Energy Companies JOGMEC in Low-Carbon New Energy Projects

Kim Dong-seop Discusses New Energy Business Cooperation with Major Japanese Energy Companies During Visit to Japan
KNOC Signs MOU with JOGMEC for Cooperation in Hydrogen, Ammonia, and CCS Projects

Kim Dong-seop, President of the Korea National Oil Corporation (KNOC), visited major Japanese energy companies including JOGMEC (Japan Oil, Gas and Metals National Corporation) on the 22nd and 23rd of last month to discuss ways to strengthen cooperation in the new energy business sector.

Kim Dong-seop, President of Korea National Oil Corporation (third from the left), and Ichiro Takahara, Chairman and CEO of JOGMEC (third from the right), are taking a commemorative photo after signing an MOU at JOGMEC headquarters in Japan on the 11th. Photo by Korea National Oil Corporation

According to KNOC on the 11th, President Kim visited JOGMEC on the 22nd of last month, held a meeting with CEO Ichiro Takahara, and signed an MOU (Memorandum of Understanding) for cooperation in hydrogen and ammonia businesses, CCS (Carbon Capture and Storage) projects, and oil development. Both parties also discussed future cooperation plans between the two companies.

JOGMEC is a Japanese state-owned energy company that oversees new energies such as oil, minerals, and hydrogen, provides financial and technical support for resource development projects, and assists in national resource diplomacy.

At the meeting, President Kim stated, “The clean hydrogen and ammonia market is now in its infancy,” and proposed, “Since Korea and Japan are expected to become major consumers in the clean ammonia market, the two countries should cooperate to create a consumer-centered market.” CEO Takahara expressed strong agreement and conveyed his intention to actively cooperate.

On the following day, the 23rd, President Kim met with Takayuki Ueda, CEO of INPEX, Japan’s largest integrated energy company, to share updates on their hydrogen, ammonia, and CCS project progress and discuss cooperation plans related to oil development projects.

On the same day, President Kim also met with Shigeru Muraki, Chairman of CFAA (Clean Fuel Ammonia Association), to understand the current status of Japan’s clean ammonia utilization technology development. According to CFAA, Japan recently succeeded in co-firing 20% ammonia in a 1GW-class coal power plant and aims to commercialize a gas turbine for pure ammonia power generation by 2030. Engine development for ammonia-fueled ships is also underway.

President Kim said, “In Japan’s case, hydrogen technology appears to be approaching a level where it can generate practical profits. Going forward, KNOC plans to explore ways to support Korean industries through technological cooperation with Japan.”

KNOC plans to use President Kim’s recent visit to Japan as an opportunity to strengthen cooperation with major Japanese energy institutions and expand practical collaboration opportunities in low-carbon new energy businesses.