LOTTE Chemical and the Korea National Oil Corporation Jointly Develops and Invests 

in Clean Hydrogen/Ammonia Production and Operation

█ LOTTE Chemical-Korea National Oil Corporation enters MOU on clean hydrogen/ammonia business on 20th...

   Joint development and investment in overseas clean hydrogen/ammonia production, jointly develop and operate import terminal,

   cooperate in ammonia reforming hydrogen business, etc.

█ LOTTE Chemical cooperating with the Korea Electric Power Corporation, Korea Southern Power Co., and Korea Midland Power Co. to promote

   the hydrogen economy and reduce carbon... Testing ammonia photolysis with Syzygy of the US and Sumitomo Corporation of Japan to gain leadership

   in the future hydrogen business and secure technologies ahead of others

█ LOTTE Chemical Vice-chairman Kim Gyo-hyun, “LOTTE Chemical and the Korea National Oil Corporation will cooperate comprehensively in the clean

   hydrogen/ammonia business by utilizing the strengths of each company”... “While utilizing the technologies and know-how related to hydrogen and

    ammonia procured through a wide range of project experiences, we will also build a domestic hydrogen ecosystem and contribute to reducing

    carbons through ongoing cooperation with domestic and foreign companies”

█ Korea National Oil Corporation President Kim Dong Sub, “It is very meaningful that our two companies will mutually cooperate to construct

    a clean energy value chain ranging from implementation, storage, distribution and utilization of clean hydrogen and ammonia”…

    “With this MOU our two companies will do our best to contribute to national carbon neutrality and lead the future eco-friendly energy new industry market”

LOTTE Chemical and the Korea National Oil Corporation (KNOC) will cooperate in promoting the hydrogen economy and carbon reduction through joint development and investment for clean hydrogen/ammonia production and operation businesses.

LOTTE Chemical and KNOC entered an MOU on the afternoon of the 20th at Jamsil LOTTE World Tower with the attendance of LOTTE Chemical Vice-chairman Kim Gyo-hyun and KNOC President Kim Dong Sub.

Through this MOU, the two companies will utilize their technologies and knowhow to cooperate in areas such as △joint development and investment in overseas clean hydrogen/ammonia production, △joint development and operation of hydrogen/ammonia import terminal, △ammonia reforming hydrogen business development, etc.

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. 

For this, LOTTE Chemical is pursuing projects to build cooperative relations related to hydrogen/ammonia with various companies both domestically and abroad. 

In Korea, it is pursuing the clean hydrogen/ammonia production and utilization business with the Korea Electric Power Corporation, Korea Southern Power Co., and Korea Midland Power Co. to implement the government’s hydrogen economy promotion policy. It built up cooperative relations with Itochu, Japan’s representative trading company, to secure stable supply and expand its market of hydrogen/ammonia in East Asia.

Furthermore, it will conduct joint testing of ammonia photolysis technologies for the first time in the world together with Syzygy of the US and Sumitomo of Japan to gain leadership and preoccupy technologies for the future hydrogen industry. By doing so, LOTTE Chemical will conduct ammonia pyrolysis technology testing and photolysis technology testing at the largest scale in the world to implement its plans to contribute in the promotion of domestic hydrogen/ammonia.

KNOC has been serving as a public energy corporation for national energy security following the second oil shock, and it is now transforming into a general energy company that is playing a key role for carbon neutrality as we now shift toward the new age of clean hydrogen. In particular, it is striving to construct clean hydrogen/ammonia implementation/storage/distribution infrastructure based on its experience and technologies in developing overseas resources and in crude oil distribution and stockpiling that have been accumulated over a long period of time.

LOTTE Chemical Vice-chairman Kim Gyo-hyun stated, “With this MOU, LOTTE Chemical and the Korea National Oil Corporation will cooperate comprehensively in the clean hydrogen/ammonia business by utilizing the strengths of each company,” while adding, “While utilizing the technologies and know-how related to hydrogen and ammonia procured through a wide range of project experiences, LOTTE Chemical will also build a domestic hydrogen ecosystem and contribute to reducing carbons through ongoing cooperation with domestic and foreign companies.”

Korea National Oil Corporation President Kim Dong Sub commented, “As major countries and companies around the world are increasing investments in hydrogen/ammonia, which are core energy resources that can substitute fossil fuels in pace with the global trend of carbon neutrality, it is very meaningful that our two companies will mutually cooperate to construct a clean energy value chain ranging from implementation, storage, distribution and utilization of clean hydrogen and ammonia.” He further added, “With this MOU our two companies will do our best to contribute to national carbon neutrality and lead the future eco-friendly energy new industry market”