Lotte Chemical and Korean National Oil Corporation collaborate on hydrogen and ammonia

The Korean National Oil Corporation and Lotte Chemical have agreed to combine their resources to develop a green hydrogen and ammonia business.

A memorandum of understanding (MOU) between Lotte Chemical and Korea National Oil Corporation (KNOC) was recently announced, with the stated goal of reviving the hydrogen economy at Lotte World Tower.

Jointly developing and investing in clean hydrogen and ammonia production abroad; jointly developing and operating hydrogen and ammonia import terminals; and ammonia reforming and hydrogen business development are all areas where Lotte Chemical and Korea National Oil Corporation hope to work together.

By investing 6 trillion won, Lotte Chemical hopes to produce 1.2 million tons of pure hydrogen by 2030. One target is a yearly turnover of 5 trillion won.