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LOTTE Chemical discussed cooperation in Eco-friendly business with the Louisiana State Government
2023.03.10
LOTTE Chemical discussed cooperation in Eco-friendly business
with the Louisiana State Government
■ LOTTE Chemical discusses cooperation in various businesses with the Louisiana State Government in the US
■ Vice Chairman Kim Gyo Hyun, “In addition to expanding existing assets, we will continue to discuss business cooperation for sustainable growth such as in clean hydrogen/ammonia, battery materials, CCUS, etc.”
■ Vice Chairman Kim Gyo Hyun, “In addition to expanding existing assets, we will continue to discuss business cooperation for sustainable growth such as in clean hydrogen/ammonia, battery materials, CCUS, etc.”
LOTTE Chemical discussed eco-friendly business cooperation with the Louisiana State Government of the US.
On the 9th, LOTTE Chemical held discussions on strengthening its partnership with the state government and engaging in additional businesses with the attendance of Governor John Bel Edwards of Louisiana and LOTTE Chemical Vice Chairman Kim Gyo Hyun and Basic Materials President Hwang Jin Koo at LOTTE World Tower.
LOTTE Chemical constructed a 1-million-ton ethylene and 700,00-ton mono-ethylene glycol production base over a land area of 1 square kilometers at Lake Charles in Louisiana, and began commercial operations in 2019. This is the first time that a Korean chemical company built a plant in the US, and with this US plant, Lotte Chemical was able to build on its opportunity to expand its global hub from Asia to North America.
Furthermore, LOTTE Chemical teamed up with CF Industries Holdings Inc., the world’s largest ammonia production company based in the US, last month to cooperate in the clean ammonia business in the US. The two companies confirmed the scale of the business through feasibility surveys and demand analysis, and agreed to cooperate in investing in clean ammonia production in the US including the area in Louisiana. By utilizing the global infrastructure of LOTTE Chemical and the ammonia plant operation and distribution network capacities of CF Industries, they are looking toward the construction of local production facilities and sending the clean ammonia to Korea. Plans are to produce clean ammonia by applying carbon capture and storage (CCS) technologies and supplying it to Korea to be used for generating electric power, bunkering that supplies it to ships using ammonia, etc.
On the 9th, LOTTE Chemical held discussions on strengthening its partnership with the state government and engaging in additional businesses with the attendance of Governor John Bel Edwards of Louisiana and LOTTE Chemical Vice Chairman Kim Gyo Hyun and Basic Materials President Hwang Jin Koo at LOTTE World Tower.
LOTTE Chemical constructed a 1-million-ton ethylene and 700,00-ton mono-ethylene glycol production base over a land area of 1 square kilometers at Lake Charles in Louisiana, and began commercial operations in 2019. This is the first time that a Korean chemical company built a plant in the US, and with this US plant, Lotte Chemical was able to build on its opportunity to expand its global hub from Asia to North America.
Furthermore, LOTTE Chemical teamed up with CF Industries Holdings Inc., the world’s largest ammonia production company based in the US, last month to cooperate in the clean ammonia business in the US. The two companies confirmed the scale of the business through feasibility surveys and demand analysis, and agreed to cooperate in investing in clean ammonia production in the US including the area in Louisiana. By utilizing the global infrastructure of LOTTE Chemical and the ammonia plant operation and distribution network capacities of CF Industries, they are looking toward the construction of local production facilities and sending the clean ammonia to Korea. Plans are to produce clean ammonia by applying carbon capture and storage (CCS) technologies and supplying it to Korea to be used for generating electric power, bunkering that supplies it to ships using ammonia, etc.
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