Building a Clean Hydrogen and CCUS Value Chain Based on LNG Terminal
Annual Target of 100,000 Tons of Hydrogen Production... Strengthening Global Partnerships
"Momentum Gained with Myodo Combined Heat and Power Plant Selected as Preferred Bidder"
BS Hanyang is accelerating the creation of an ‘Eco Energy Hub’ on Myodo (猫島) in Yeosu, expanding its clean energy business based on an LNG terminal. This is part of building a value chain that extends to hydrogen production and distribution, as well as carbon dioxide capture and storage (CCUS).
On the 26th, BS Hanyang announced that it is currently promoting a clean hydrogen production and supply project using the LNG terminal at the Myodo Eco Energy Hub, designated last June as a special opportunity development zone by Jeollanam-do. This terminal, which supplies 3 million tons of LNG annually, serves as a raw material supply base for hydrogen production. BS Hanyang plans to establish a ‘hydrogen cluster’ based on this.
The Myodo hydrogen cluster, jointly promoted by BS Hanyang, Jeollanam-do, and Yeosu City, includes an LNG terminal capable of LNG storage and supply, the Myodo combined heat and power plant as a clean hydrogen demand site, a clean hydrogen production plant, and a liquefied CO2 terminal that transports CO2 captured during hydrogen production to a landfill. The goal is to produce up to 100,000 tons of clean hydrogen annually. They are cooperating with global hydrogen and CCUS companies to attract technology and investment, while also seeking policy support from the government and local authorities.
BS Hanyang’s clean energy business push has recently gained more momentum. This is because the Myodo combined heat and power project was selected as the preferred negotiator in the power capacity bidding by the Ministry of Trade, Industry and Energy last December. This 495MW power plant will apply the latest high-efficiency power generation facilities to reduce fuel consumption, while operating by co-firing clean hydrogen with LNG as the main fuel.
A BS Hanyang official stated, “The Myodo Eco Energy Hub project has strengths such as geopolitical advantages and tax benefits through designation as a special opportunity development zone,” adding, “We will strengthen cooperation with global energy companies to explore various business opportunities and accelerate the establishment of a clean energy value chain through the expansion of LNG-based hydrogen industry and CCUS business.”
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