Korean petrochemical industry enters CCUS market

As the world accelerates towards a carbon neutral era, all kinds of companies and investors are actively taking action and participating in it

According to industry sources, Lotte Chemical has officially entered the Dashan plant to implement the design of carbon capture and liquefaction equipment with an annual output of 200,000 tons, aiming to achieve commercial production in the second half of 2023

Lotte Chemical's vision is to pre-treat the waste gas generated by the naphtha decomposition (NC) process at the Daesan Plant, separate carbon dioxide, and put it into the raw material of the organic solvent material for the electrolyte of the secondary battery, or as dry ice and semiconductors.

SK Innovation is expanding its business of recycling carbon generated during hydrogen production at its Ulsan complex and selling it as high-purity gas, aiming to eliminate air pollution problems, improve refining process efficiency, and generate profits

CCUS is the focus of major Korean companies and is one of the most effective policy tools to achieve carbon neutrality

CCUS is divided into CCS for semi-permanent sequestration of captured carbon into abandoned oil and gas fields, and CCU for other applications such as chemical processing

SK E&S, South Korea's largest privately-owned renewable energy provider, recently partnered with a global energy company to plan to convert the Bayu-Undan gas field off East Timor into a carbon sequestration repository