SEOUL, Dec. 24 (Korea Bizwire) — South Korean refiner Hyundai Oilbank Co. announced that it will invest a total of 400 billion won (US$337 million) to build an eco-friendly power plant fueled by both liquid natural gas (LNG) and blue hydrogen.
Blue hydrogen is produced from natural gas and produces less CO2
The power plant will be built within the company’s Daesan plant in Seosan, South Chungcheong Province.
To this end, the company set up power generation subsidiary Hyundai E&F in June and acquired a license to supply energy like steam and electricity to industrial facilities.
Under the goal of launching commercial operations in 2025, Hyundai E&F plans to build a power generation facility with the capacity of generating 230 tons of steam and 290-megawatt of electricity per hour at the Daesan plant.
The steam and electricity produced by Hyundai E&F will be supplied to Hyundai Oilbank’s subsidiaries within the Daesan plant, including Hyundai Chemical Co. and Hyundai Shell Base Oil Co.
The new eco-friendly power plant will use not only LNG but also blue hydrogen produced at the Daesan plant, which is expected to account for up to 30 percent of its fuel mix.
“Compared to existing thermal power plants, LNG power plants offer greenhouse gas emissions reductions of up to 56 percent. If an LNG power plant uses 30 percent of hydrogen in its fuel mix, the generation of greenhouse gases can be additionally reduced by about 11 percent.” Hyundai Oilbank CEO Kang Dal-ho said.
Kevin Lee (email@example.com)