Two giant Korean conglomerates want to build a $20 billion-plus hydrogen project in Queensland, paving the way for a new green energy export trade.
Giant Korean conglomerates Hanwha and SK Group have joined Korea Zinc in a proposed $20 billion-plus green hydrogen project in Queensland, paving the way forThe Hanguk-Hoju consortium, meaning Korea-Australia, aims to establish a supply chain between the two countries using the partners’ expertise to set up a corridor for deliveries of green ammonia, used in power generation and industries such as fertiliser production.
The venture aims to export more than 1 million tonnes of green ammonia a year to Korea by the 2032 target date. Green hydrogen, mostly expected to be shipped initially at least as green ammonia, is being seized on by Australia’s traditional customers of coal and gas in Asia as a solution to help the decarbonisation of power generation and industry to help reach net zero emissions goals.Korea is already the world’s third-largest importer of ammonia, which the Korean government has committed to use as a carbon-free fuel alongside traditional fuels in the country’s coal and gas-fired power stations.
He said the selection of Hanwha Impact and SK Gas as the consortium partners was important given they are major players in Korea’s hydrogen economy, paving the way to realise the huge export project. Together with Korea Zinc, the partners expect to need more than 2 million tonnes a year of green ammonia starting from 2030.Korea Zinc vice chairman Yun B.
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