Lotte Chemical and Mitsubishi to promote hydrogen and ammonia

Lotte Chemical is collaborating to create and deliver ammonia and clean hydrogen while expanding the market.

Through this agreement, the two businesses committed to cooperating in order to establish clean hydrogen and ammonia policies. This includes joint investments in clean ammonia production as well as cooperation in the production of clean hydrogen, which is gaining attention as a crucial energy source for achieving carbon neutrality, ocean transportation, and terminal operation.

To ensure domestic and international supply, Lotte Chemical intends to work with Mitsubishi Corporation on ammonia production projects in the US and other nations. The effective operation of the ammonia import terminal will also be evaluated in order to get ready for the expected rise in demand from Korea and Japan.

By investing a total of 6 trillion won by 2030, Lotte Chemical hopes to produce 1.2 million tons of clean hydrogen and generate 5 trillion won in revenue from selling and using it.

In anticipation of an increase in domestic demand, it intends to encourage the introduction of clean ammonia abroad, as well as support carbon reduction growth and the development of a hydrogen-centered green circulation ecosystem built on core competencies like large-scale consumers, mass supply chains, and eco-friendly technologies.