BUSAN < invest Korea

According to Yonhap News,

A cryogenic logistics center that utilizes liquefied natural gas (LNG) cold heat will be built in Busan.

LNG cold heat is energy generated in the process of converting LNG, which is transported in a liquid state below -162 degrees Celsius, into a state of gas usable for fuel.

EMP Belstar, which developed a technology that can use this energy that was wasted in seawater as a refrigerant, signed a 'business agreement for the establishment of an eco-friendly energy cryogenic distribution center' with Busan City and the Busan-Jinhae Free Economic Zone Authority on October 27.

EMP Belstar plans to invest KRW 244.7 billion (foreign capital KRW 69.7 billion) to build the 'Korea Cryogenic Busan Logistics Center' in the District 9 of the International Industrial Logistics Complex in Gangseo-gu, Busan.

The logistics center will have 1 ground floor and 5 above-ground floors, with a total area of 121,383 square meters, and is expected to create about 300 jobs.

With LNG cold heat being used as a refrigerant, the electricity cost can be cut by as much as 80% compared to existing electric distribution centers, according to Busan-si.

EMP Belstar, an energy and infrastructure investment company headquartered in New York, USA, has been actively investing in Korea.

The Korea Cryogenic Logistics Center in Pyeongtaek, in which the company invested, is the first energy-independent cryogenic logistics center in Korea that utilizes LNG cold heat, hydrogen fuel cells, and solar power, and was selected as a key distribution organization for the government's integrated vaccine management system.


youngkyu@yna.co.kr

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Source: Yonhap News (October 27, 2021)