Copenhagen Infrastructure Partners announces investments and agreements with LOTTE Chemical Corporation
The memorandum of understanding between CIP and LOTTE is intended to support collaboration on clean ammonia projects. As part of the agreement, the two companies agree to discuss and finalize agreements for the supply, purchase, and sale of blue ammonia to LOTTE from CIP’s St. Charles Project in Louisiana, U.S., and green ammonia from CIP’s Murchison Project in Australia.
CIP and LOTTE also agree to initiate discussions regarding development of and investment in low carbon ammonia projects on a global basis. The two companies also intend to discuss potential collaboration on projects in infrastructure bunkering and other sectors in connection with low carbon ammonia.
CEO & Head of Hydrogen Business Group of LOTTE Chemical Corporation JinKoo Hwang said, “We are delighted to cooperate with CIP, a global leader in greenfield renewable energy investments. With the Korean government’s strong policy support on energy transition, Korea will be the fastest growing market for clean hydrogen and ammonia. We will take lead in providing sustainable clean ammonia by utilizing the strengths and expertise of both companies.”
CIP Partner Søren Toftgaard said, “We believe blue and green ammonia will co-exist for many years, as we gradually transition from fossil-based production. And we continue to see significant opportunities for both in the U.S., Europe, and Asia. We are proud of the new partnership with LOTTE on ammonia projects development and offtake to Korea and consider it an important step that could open further opportunities for our Energy Transition Fund.”
Blue ammonia is a low-carbon approach which combines traditional ammonia synthesis using natural gas with subsequent carbon capture and storage and could significantly accelerate the energy transition while green ammonia production at scale is becoming more mature.
Related News
Related News
- Biogas in France: TotalEnergies starts its 2nd largest unit in Normandy
- Parker Hannifin joins iHAPC project to test H2 and argon for cleaner and more energy-efficient engine technologies
- Digital Exclusive: The future of gas turbines in the green revolution
- LNG retrofits surge as maritime industry seeks short-term carbon reduction solutions
- Kent secures integral role in engineering and execution of Wormington compressor station project
Comments