LOTTE Chemical leads ‘technical independence’
in relation to CCUS (carbon captureㆍutilizationㆍstorage).
 

█ New CCU (carbon captureㆍutilization) technology using the gas separating membrane installed 
   at Yeosu Factory 1 for the first time in Korea’s chemical industry… Saves the cost of purchasing
   exhaust rights, creates new business opportunities with new technology, and reinforces ESG management
   for global carbon neutralization.
█ Developing and testing localized technology by collaborating with technologically outstanding small
   companies for the competitiveness of small companies in Korea.
█ “We will develop localized CCUS technology to actively respond to global regulations and expand
   the application through testing to pioneer ‘Green Promise 2030,’” said President Jin Goo Hwang of
   Basic Material Business.

 

LOTTE Chemical has installed the testing facility for carbon captureㆍutilization at Yeosu Factory 1 to actively respond to climate change and secure green technology.

LOTTE Chemical has headed out to develop technologies to capture and utilize carbon dioxide (CO2) using the gas separating membrane for the first time in Korea to address the issues related to the global regulations on greenhouse gas and the increasing cost of carbon exhaust rights.

Currently, local chemical companies purchase carbon exhaust rights for carbon dioxide exhaust generated from the production of ingredients or seek partial exemptions using new renewable energy, but the cost of purchase ranges from billions to tens of billon won per year.

The CCU (Carbon Capture Utilization) technology using the gas separating membrane, which was first installed at Yeosu Factory 1 in mid-March for testing, has been tested by other industries in Korea, but has not been commercialized due to lack of feasibility in relation to transportation and sale.

LOTTE Chemical is planning to test the facility in Yeosu for about a year to gather and analyze data and evaluate the impact of nitrogen oxide (NOx) to complete the commercial facility by 2023. The facility is designed to capture over 60,000 tons of additional carbon dioxide per year and enhance purity to use for the production of polycarbonate products and to be sold to nearby chemical companies for dry ice and semiconductor cleaning solution production.

In the future, the facility will be expanded to Daesan Factory and Ulsan Factory to utilize over 200,000 tons of carbon dioxide per year.

Also, LOTTE Chemical will collaborate with technologically outstanding small companies in Korea to jointly study the technology to capture and utilize carbon dioxide. In order to pursue localization of related technology and create an exemplary case of green ecosystem between large companies and small/medium companies, LOTTE Chemical signed an MOU with Airrane Co., Ltd. with source technology in high-molecular gas separating membranes.

With this policy, promising small/medium companies in Korea will be given opportunities to test their technologies and expand business in the global market, while LOTTE Chemical can secure technology to reduce and utilize carbon dioxide (CO2) for the low carbon era.

“The significance is that we apply local technology to lead changes for carbon neutralization for the global environmental regulations,” said President Jin Goo Hwang of Basic Material Business. “We are planning to expand application through various testing processes to actively expand ‘Green Promise 2030’ for LOTTE Chemical for carbon neutralization.”

LOTTE Chemical’s R&D for testing is expected to be a good example of ‘low-carbonization of economic structure,’ which is one of the 3+1 strategies of ‘2050 Carbon Neutralization’ announced by the government last December, considering that the carbon dioxide, the greenhouse gas that used to be exhausted into the atmosphere, will be captured and processed to increase purity to be converted into a product essential for the petrochemical industry.

LOTTE Chemical is concentrating strategic investment and capacities the eco-friendly objectives announced by the Chemical BU last February and the four major objectives of 『Green Promise 2030』, the ESG management strategies--『Eco-friendly Businesses』, 『Vital Cycle of Resources』, 『Response to Climate Crisis』, and 『Green Ecosystem』.