McDermott’s storage business, CB&I, and KOGAS signed a memorandum of understanding (MoU) on 24 May to explore the development of large-scale liquid hydrogen (LH2) storage to support South Korea’s transition to a hydrogen economy
The MoU, announced at the World Gas Conference taking place 23-27 May in Daegu, South Korea, follows a visit by KOGAS president and chief executive Hee-Bong Chae to the US in March in which he met with CB&I executives to discuss co-operation on the development of liquid hydrogen onshore storage and ship technology.
“Hydrogen has emerged as a key enabler to meet these decarbonisation goals and KOGAS will play a leading role in building the infrastructure for hydrogen shipping, storage and distribution to make these ambitions a reality,” said KOGAS executive vice president Seung Lee.
As part of its ‘Hydrogen Economy Roadmap’, South Korea announced plans in 2021 to achieve carbon neutrality by 2050 by replacing coal-fired power generation with renewable sources and internal combustion engine vehicles with hydrogen-powered and battery-based electric vehicles.
One of the world’s largest LNG importing companies, KOGAS operates four LNG regasification terminals and 4,945 km of natural gas pipelines in South Korea.
During his keynote presentation at the World Gas Conference, Mr Chae said, “In the rapidly changing energy market environment, a differentiated strategy is needed to simultaneously achieve multiple issues such as energy security, price stability, and carbon neutrality. By establishing a virtuous cycle energy business structure that considers the energy transition together, we will go beyond the role of a big buyer in the LNG market and leap forward as a global green energy company in the carbon-neutral era.”
During the conference, KOGAS is showcasing its value chain of LNG and green hydrogen introduction, and LNG bunkering, highlighting its status as a leading company in the natural gas and hydrogen business in South Korea.
A designer and builder of field-erected pressure spheres capable of storing liquid hydrogen, CB&I has almost completed the world’s largest liquid hydrogen sphere – 5,000 m3 – at NASA’s Kennedy Space Center in Cape Canaveral, Florida.
“Viable storage solutions on both ship and shore will be fundamental for South Korea to realise its carbon neutrality goals,” said CB&I senior vice president Cesar Canals. “With ongoing research and development efforts well underway to scale up capacity thresholds for liquid hydrogen storage, CB&I is honoured to join KOGAS in setting the pace for the rapid development of a large-scale hydrogen economy for South Korea.”
