Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
LG Chem to produce hydrogen to achieve net-zero by 2050
Noh Kug-lae, right, the head of LG Chem's petrochemical business, and Taekyung Chemical CEO Park Ki-hwan hold a memorandum of understanding regarding the two companies' cooperation on a carbon dioxide circulation system in this file photo. Courtesy of LG Chem
By Park Jae-hyuk
By Park Jae-hyuk
LG Chem will build a plant with the capacity to produce 50,000 tons of hydrogen annually by the second quarter of 2024 in Daesan, South Chungcheong Province, as part of its long-term sustainability drive to achieve net zero by 2050, the company said, Monday.
This is the first time for the chemical firm to produce pure hydrogen, although it has produced hydrogen as a byproduct before.
The new plant will employ technology which enables the conversion of methane to hydrogen by creating a chemical reaction under high-temperature steam. Its construction will begin during the first half of next year.
Once it starts operation, the plant is expected to reduce carbon emissions by 140,000 tons annually, by replacing the methane used in its naphtha cracking center (NCC) with high-purity hydrogen, which does not lead to carbon dioxide emissions during combustion.
LG Chem plans to increase its use of hydrogen and other renewable energies at its NCC by up to 70 percent by 2025. It is also considering building additional plants to produce hydrogen.
In addition, the company joined hands with Taekyung Chemical, the largest carbonic acid gas producer in Korea, to reduce CO2 generated as a byproduct from the steam methane reforming process that extracts hydrogen from methane.
“The establishment of our hydrogen plant and CO2 circulation system is an effort to create a sustainable future for our petrochemical business by achieving carbon neutrality,” said Noh Kug-lae, the head of LG Chem's petrochemical business. “Hydrogen will allow us to convert our petrochemical pyrolysis to a more sustainable low-carbon process.”