ULSAN < invest Korea

According to Newsis,

The Ministry of Oceans and Fisheries (MOF, Minister Seong-hyeok Moon) said on August 26 that it had signed an MOU online to 'foster Ulsan Port as a green hydrogen logistics hub' with Ulsan Port Authority, Korea East-West Power, Lotte Fine Chemical, SK Gas, and Hyundai Glovis to create a green hydrogen supply chain for overseas and logistics ecosystem in Ulsan Port.

Recently, with national and international transition to eco-friendly energy driven by 2050 carbon neutrality, there is a growing voice that domestic ports should be prepared for hydrogen import. The Korean government also announced a plan to import hydrogen by establishing an overseas hydrogen production base by 2030 in order to solve the carbon emission generated in the hydrogen production process and achieve hydrogen prices more competitive than fossil fuels.

The MOF signed this MOU to secure an overseas hydrogen supply chain for the realization of national carbon neutrality and a successful transition to the hydrogen economy. By doing so, the MOF plans to review the necessary functions for the port and establish the relevant facilities.

Ulsan Port is Korea's No.1 energy import/export gateway, handling 153.15 million tons, or 34% of the total domestic oil cargo volume (oil, LNG, etc.) of 449.15 million tons in 2020. Ranked 4th in liquid cargo handling as well, it is an energy hub of Northeast Asia. In particular, the infrastructure for handling energy cargo imported in liquid form is concentrated in Ulsan port, with hydrogen demanders such as Ulsan Petrochemical Complex, National Industrial Complex, and Ulsan Metropolitan City located within a radius of 10 km.

By signing this MOU, each institution will actively cooperate to ▲Secure and build the port infrastructure dedicated for hydrogen in Ulsan Port ▲Construct and operate hydrogen tank terminal ▲Secure overseas sales channels for competitively priced green hydrogen ▲Expand hydrogen distribution and related distribution networks for hydrogen demanders in the Ulsan Port hinterland ▲ and carry out demonstration projects to import overseas green hydrogen.

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Source: Newsis (August 26, 2021)