LOTTE Chemical and Mitsubishi Corporation Cooperate in Clean Hydrogen and Ammonia Business

█ LOTTE Chemical and Mitsubishi Corporation of Japan signs MOU on clean hydrogen and ammonia business on the 11th...

   Cooperate in overseas clean ammonia production in US, etc., transportation, and ammonia import terminal joint development 

█ LOTTE Chemical promotes strategic collaboration with representative corporations of Japan in preparation of increased demand of hydrogen

   and ammonia in East Asia including Kore and Japan.... Beginning global ammonia implementation cooperation and market pioneering

█ LOTTE Chemical President Hwang Jin-koo, “We will preemptively respond to clean hydrogen/ammonia demand response and construction 

    of supply chain for Korea and Japan"

LOTTE Chemical (CEO Kim Gyo-hyun) will begin production, supply, and market pioneering of clean hydrogen by partnering with Japan’s top trading company, Mitsubishi Corporation.

The two companies entered an MOU in the afternoon of the 11th with the attendance of LOTTE Chemical Hydrogen Energy Business Director (Basic Materials President) Hwang Jin-koo, Mitsubishi Corporation Next Generation fuel/Petrochemicals Director Haba Hiroki, and other relevant personnel.

Through this MOU, LOTTE Chemical and Mitsubishi Corporation agreed to cooperate in areas of △production cooperation and joint investment, △marine transportation and terminal operation, △establishment of policies for clean hydrogen and ammonia of the two countries, etc. in relation clean ammonia that is drawing attention as a key energy source for realizing carbon neutrality.

LOTTE Chemical plans to pursue procurement of domestic and foreign supply by participating in overseas ammonia production businesses in the US, etc. together with Mitsubishi Corporation. In addition, plans are to jointly develop an ammonia import terminal and review efficient operation plans in preparation of expanded demand in Korea and Japan.

LOTTE Chemical teamed up with major trading companies of Japan to pursue strategic collaboration for the hydrogen and ammonia businesses. MOUs were signed with Itochu Corporation in July and Sumitomo Corporation in September, agreeing to cooperate in implementing global ammonia and pioneering markets in East Asia such as Korea and Japan.

LOTTE Chemical Hydrogen Energy Business Director (Basic Materials President) Hwang Jin-koo stated, “Through comprehensive cooperation with Mitsubishi Corporation, we will preemptively respond to clean hydrogen/ammonia demand response and construction of supply chain for Korea and Japan,” while adding, “We will concretize gather the strengths of global partners to concretize a value chain that includes production, transportation, storage, and market supply to lead the future hydrogen economy society.”

LOTTE Chemical announced its plans to invest a total of 6 trillion KRW to produce 1.2 million tons of clean hydrogen by 2030, and distribute and use this to achieve annual sales of 5 trillion KRW. It plans to promote implementation of clean ammonia from abroad in preparation for increased domestic demand, and contribute in the building of a green circulating ecosystem focusing on low carbon growth and hydrogen based on core capacities such as large-scale customers, massive supply chain, and eco-friendly technologies.