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S-Oil to establish GTG in Ulsan with KRW 263 bn investment
On January 23, Ulsan-si announced that it will sign a Memorandum of Understanding (MOU) with S-Oil for the establishment of a "Gas Turbine Generator (GTG) for natural gas."
The GTG is a system that generates electricity through turbine operation powered by natural gas combustion reactions. The high-temperature exhaust gases produced in this process are transported to a Heat Recovery Steam Generator (HRSG) to produce high-pressure steam.
This agreement is aimed at supporting the government's energy policy direction through the investment in the GTG facility, and also aims to stimulate the local economy and create jobs.
Under the agreement, S-Oil will invest KRW 263 billion to build a 121 MW natural gas GTG facility at its Ulsan plant in the Onsan National Industrial Complex, which will account for 24% of the plant's current electricity usage. The facility is scheduled to break ground in February and be completed by December of next year.
The electricity produced by this facility will be entirely used by S-Oil, contributing to the stabilization of electricity supply in the Ulsan area. Additionally, the 160 tons per hour of steam produced by the HRSG will be reintegrated into other processes, significantly reducing the operation of the existing steam production boilers.
S-Oil is expected to contribute to job creation and economic revitalization by prioritizing the hiring of local residents for this project.
Ulsan-si plans to continue working closely with S-Oil to ensure smooth progress of the project and provide active administrative support, including fast-tracking permits.
The signing ceremony will take place at Ulsan City Hall in the morning, with Ulsan Mayor Kim Doo-gyum and S-Oil CEO Park Bong-soo attending to sign the agreement.
CEO Park expressed, "We are grateful for Ulsan's full support of large-scale investment projects, including the Shaheen Project. Through the construction of this facility, we will align with the nation's policy to expand decentralized power sources and continue to grow as a sustainable global company."
Ulsan's Mayor Kim stated, "I express my gratitude to S-Oil for making this valuable investment decision to ensure a stable power supply and improve air quality in the energy-intensive Ulsan area. We will provide full administrative and financial support to ensure the success of this project."
hkm@yna.co.kr
Source Text
** This article was translated from Korean.
Date
2025.01.23
Views
175
According to Yonhap News,
On January 23, Ulsan-si announced that it will sign a Memorandum of Understanding (MOU) with S-Oil for the establishment of a "Gas Turbine Generator (GTG) for natural gas."
The GTG is a system that generates electricity through turbine operation powered by natural gas combustion reactions. The high-temperature exhaust gases produced in this process are transported to a Heat Recovery Steam Generator (HRSG) to produce high-pressure steam.
This agreement is aimed at supporting the government's energy policy direction through the investment in the GTG facility, and also aims to stimulate the local economy and create jobs.
Under the agreement, S-Oil will invest KRW 263 billion to build a 121 MW natural gas GTG facility at its Ulsan plant in the Onsan National Industrial Complex, which will account for 24% of the plant's current electricity usage. The facility is scheduled to break ground in February and be completed by December of next year.
The electricity produced by this facility will be entirely used by S-Oil, contributing to the stabilization of electricity supply in the Ulsan area. Additionally, the 160 tons per hour of steam produced by the HRSG will be reintegrated into other processes, significantly reducing the operation of the existing steam production boilers.
S-Oil is expected to contribute to job creation and economic revitalization by prioritizing the hiring of local residents for this project.
Ulsan-si plans to continue working closely with S-Oil to ensure smooth progress of the project and provide active administrative support, including fast-tracking permits.
The signing ceremony will take place at Ulsan City Hall in the morning, with Ulsan Mayor Kim Doo-gyum and S-Oil CEO Park Bong-soo attending to sign the agreement.
CEO Park expressed, "We are grateful for Ulsan's full support of large-scale investment projects, including the Shaheen Project. Through the construction of this facility, we will align with the nation's policy to expand decentralized power sources and continue to grow as a sustainable global company."
Ulsan's Mayor Kim stated, "I express my gratitude to S-Oil for making this valuable investment decision to ensure a stable power supply and improve air quality in the energy-intensive Ulsan area. We will provide full administrative and financial support to ensure the success of this project."
hkm@yna.co.kr
Source Text
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Source: Yonhap News (January 23, 2024)
** This article was translated from Korean.