Samsung C&T’s interest in clean hydrogen and energy further expanded this month as the company signed a memorandum of understanding (MOU) with fellow South Korean Fortune Global 500 company S-OIL on Sept. 17.
Aimed at jointly developing a project to produce clean hydrogen and carbon-free ammonia abroad, the MOU with S-OIL builds on Samsung C&T’s interest in hydrogen as a clean energy solution.
A clean energy partnership
The MOU was agreed under the title of “Hydrogen and Bio Fuel Business Partnership,” with the additional commitment by both Samsung C&T and S-OIL to cooperate in other next-generation carbon-free energy projects, including the hydrogen fuel cell and eco-friendly biofuel businesses.
Samsung C&T Trading & Investment Group will leverage its global network and overseas expertise to develop business models and analyze international market data. This includes developing overseas clean hydrogen production projects as well as working on the introduction and use of related products in South Korea. In addition, S-OIL will offer its world-class energy infrastructure, which includes production facilities in South Korea.
Another step towards carbon neutrality
This is the latest in a series of hydrogen-related partnership agreements for Samsung C&T as the company continues to explore business opportunities across the hydrogen value chain.
In August 2021, Samsung C&T signed an MOU with Namhae Chemical and Korea Southern Power Co. (KOSPO) to import clean hydrogen to be used as eco-friendly fuel in response to the South Korean government’s efforts to grow the hydrogen economy and achieve carbon neutrality by 2050.
Then, in September 2021, it was announced that Samsung C&T was joining five other parties to establish HyStation with a focus on building and operating hydrogen refueling stations for South Korean public transport bus fleets.