and Lee Byeong In, head of BM Innovation Department at SK IE Technology.

■ Signed MOU for joint business cooperation to develop carbon capture technologies at the LOTTE World Tower in the morning of the 23rd... Cooperation in mutual information exchange such as improving the carbon capture process and advancing high-performance new separator technologies
■ Focusing on the ‘carbon capture’ market that is a core of CCUS using technologies possessed by each company and business experiences
■ LOTTE Chemical Technology Institute CTO Hwang Min Jae, “We will have the opportunity to not only reduce greenhouse gas emissions, but also expand the future business portfolio and preemptively realize national carbon neutrality policies in the petrochemical industry”

LOTTE Chemical signed an MOU for technology development and business cooperation on the 23rd to strengthen competitiveness in the ‘carbon capture’ field, which is a key part of CCUS (Carbon Capture, Utilization and Storage) together with SK Innovation and SK IE Technology.

This ceremony was attended by LOTTE Chemical Technology Institute CTO Hwang Min Jae, SK Innovation Portfolio Section Chief Kang Dong Soo, SK IE Technology BM Innovation Chief Lee Byung In, etc.

According to this MOU, plans are to cooperate in ▲improving the carbon capture process ▲developing new high-performance separators and processes ▲jointly finding new areas of application ▲jointly finding and investing in prospective capture technologies, etc. using the core ‘carbon capture’ technologies and knowhow possessed by each company.

LOTTE Chemical has established the 2030 Carbon Reduction Growth and 2050 NetZero goals to respond to climate change, and is actively striving to implement this. CCUS technologies have been reviewed since 2018 and it has constructed a carbon capture testing facility at the Yeosu Production Plant in 2021, which is under operation and being researched. Last year, design of a carbon capture process using gaseous separators suitable for the petrochemical industry was completed at commercial scales, and technology testing and commercialization are being pursued.

LOTTE Chemical Technology Institute CTO Hwang Min Jae stated “We will have the opportunity to not only reduce greenhouse gas emissions, but also expand the future business portfolio and preemptively realize national carbon neutrality policies in the petrochemical industry through the synergy between companies possessing key technologies.”

Meanwhile, LOTTE Chemical invested in shares of ‘Airrane’, a company specializing in gas separators in 2021 in order to secure carbon dioxide (CO2) reduction and utilization technologies in preparation for the low-carbon era, and is cooperating in process designs of CCU equipment, etc. that applies gas separators. Carbon capture equipment based on gaseous separators being pursued by LOTTE Chemical is drawing attention as eco-friendly technologies that do not use chemical substances.