6 companies agree to cooperate on developing clean fuels
They signed a memorandum of understanding (MOU) Wednesday and promised to join forces to achieve a stable supply of clean fields, such as hydrogen and ammonia. Other companies involved are Posco Energy, GS Energy, Korea National Oil Corporation and Korea Southern Power.
Hydrogen and ammonia are considered eco-friendly sources of energy as they produce no carbon dioxide during combustion.
The six companies vowed to cooperate in building infrastructure to bring in and store clean fuels produced overseas. They also pledged to construct an energy terminal in eastern Korea, though the specific location has not been disclosed.
Posco said the joint effort is to "support the country's plan of achieving carbon neutrality by 2050," and to "contribute to reducing greenhouse gas emissions and accelerating the hydrogen economy."
Posco has been focusing on the hydrogen business lately, with the goal of becoming a global top 10 hydrogen producer with around 7 million tons of annual production capacity through 2050.
BY SARAH CHEA [email@example.com]