GS Caltex signs MOU with 8 companies for development of CCUS

Industry

Published: 15 Nov. 2022, 17:45 Updated: 15 Nov. 2022, 17:46

GS Caltex signs MOU with 8 companies for development of CCUS

GS Caltex signed a memorandum of understanding (MOU) with eight companies on Monday to cooperate on and promote the development of carbon capture, utilization and storage (CCUS). [GS CALTEX]

GS Caltex signed a memorandum of understanding (MOU) with eight companies to cooperate on and promote the development of carbon capture, utilization and storage (CCUS).

Held at the Hyundai Glovis headquarters in Wangsimni in eastern Seoul on Monday, the signing ceremony was attended by representatives from eight other participating companies: Korea East-West Power, Hyundai Glovis, Hanwha Solutions, Samsung C&T, Namhae Chemical, Linde Korea, GS Energy and GS E&C.

GS Caltex will be in charge of defining the business extent of CCUS for each participating company.

CCUS is a two-step process in which carbon dioxide produced during energy generation is collected. Then it is either stored or used for other purposes.

The company will be participating in the overall business development of the CCUS project, utilizing carbon dioxide produced at its Yeosu Complex, and will supply blue hydrogen.

Blue hydrogen refers to hydrogen produced from natural gas, where the carbon dioxide generated during the process goes through carbon capture and storage, reducing carbon emissions.

Hyundai Glovis, one of the eight business partners, will support the transport business of carbon dioxide at sea as it was granted approval in principle for the world’s largest liquefied carbon dioxide carrier in September.

“Through the business agreement, we were able to establish a foundation for drawing measures to reduce carbon dioxide emissions within the Yeosu Complex,” said Lee Doo-hee, CSEO and head of Yeosu Complex at GS Caltex.

“We will further develop ways to reduce carbon emissions to reach a carbon-neutral society and at the same time expand businesses to eco-friendly energy sources.”

BY CHO JUNG-WOO [cho.jungwoo1@joongang.co.kr]