LOTTE Chemical Teams Up with Sumitomo Corporation in Clean Hydrogen and Ammonia Business

█ LOTTE Chemical and Sumitomo Corporation signs MOU for the clean hydrogen and ammonia business on the 29th…

    Cooperation in joint investment for overseas clean hydrogen and ammonia production such as in Australia and Chile,

   technology commercialization and joint businesses related to clean hydrogen and ammonia, joint investments in Korean and Japanese ammonia terminal,

    businesses related to CCUS, etc.

█ Procuring stable supply and expanding market in hydrogen and ammonia in East Asia through cooperation with the top Japanese trading companies

█ LOTTE Chemical CEO Hwang Jin-koo, “We are planning to increase cooperation with various domestic and foreign companies for the production,

    distribution and utilization of hydrogen,”... “We will further solidify our foundation for the upcoming hydrogen economy society”

LOTTE Chemical and Sumitomo Corporation of Japan will jointly develop and invest in clean hydrogen and ammonia production and technologies, while cooperating in activating the hydrogen economy and reducing carbon emissions of Korea and Japan. LOTTE Chemical and Sumitomo Corporation entered an MOU through a video conferencing meeting with the attendance of LOTTE Chemical Basic Materials CEO Hwang Jin-koo (Hydrogen Energy Business Director) and Sumitomo Corporation Energy Innovation Initiative Leader Ueno in the afternoon of the 29th.

Through this MOU, the two companies will cooperate in △joint investment for overseas clean hydrogen and ammonia production in Australia and Chile, △technological commercialization and joint businesses related to clean hydrogen and ammonia, △joint investment in Korean and Japanese ammonia terminal, △CCUS-related businesses, etc.

In August, LOTTE Chemical and Sumitomo Corporation agreed to conduct joint testing of ammonia photolysis technologies for the first time together with Syzygy of the US, and with this MOU, they will further strengthen their cooperation in the clean hydrogen and ammonia field. 

LOTTE Chemical also built cooperative relations with Itochu Corporation in July. Based on its cooperation with top Japanese trading companies, LOTTE Chemical is now able to look toward synergy effects by procuring stable supply and expanding the market in hydrogen and ammonia in East Asia.

LOTTE Chemical Basic Materials CEO Hwang Jin-koo (Hydrogen Energy Business Director) commented, “We are planning to increase cooperation with various domestic and foreign companies for the production, distribution and utilization of hydrogen,” and added, “We will further solidify our foundation for the upcoming hydrogen economy society.”

LOTTE Chemical plans to invest 6 trillion KRW by 2030 based on the core capacities of large-scale consumers, massive supply chains, and eco-friendly technologies, etc. to produce 1.2 million tons of clean hydrogen, which will be distributed and utilized to achieve 5 trillion KRW in revenue.