POSCO Int'l to build 1.26 mn tons of green hydrogen infrastructure by 2035

S.Korea’s largest trading company eyes renewable energy industry as the biggest business of its future growth engine

POSCO Int'l Gwangyang LNG terminal
POSCO Int'l Gwangyang LNG terminal
Hyung-Kyu Kim 1
2023-07-07 13:25:20 khk@hankyung.com
Hydrogen economy


South Korea's largest trading company POSCO International revealed on Friday its strategy to establish a green hydrogen supply infrastructure with an annual capacity of 1.26 million tons by 2035.

Unveiled at the company's inaugural 2023 Energy Business Value Day, an investor relations forum aimed at bolstering communication with domestic and overseas investors and analysts, the ambitious plan involves infrastructural development in Incheon Metropolitan City, Gwangyang City in South Jeolla Province, and Pohang City in North Gyeongsang Province.

At the Incheon liquefied natural gas (LNG) combined cycle power plant, the company aims to install hydrogen infrastructure for co-firing that will supply 360,000 tons of green hydrogen annually. Meanwhile, it intends to convert the Gwangyang LNG terminal into a multifunctional terminal that can process hydrogen and ammonia, enabling the handling of 540,000 tons of green hydrogen each year.

In Pohang, in conjunction with POSCO's Hydrogen-based Reduction Ironmaking (HyREX), the company plans to set up a clean hydrogen infrastructure with an annual capacity of 360,000 tons.

Beyond hydrogen, POSCO International is also targeting renewable energy, outlining a goal to secure more than two gigawatt-scale offshore wind power business rights by 2030, with the objective of becoming the country's leading renewable energy business.

Cementing its commitment to LNG, green hydrogen, and renewable energy as core sectors, POSCO International has earmarked an investment of 3.8 trillion won ($2.9 billion) in its energy business for the next three years.

Write to Hyung-Kyu Kim at khk@hankyung.com
#POSCO International #green hydrogen #supply infrastructure #2023 Energy Business Value Day #offshore wind power business #renewable energy business

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