HMM, Lotte Fine Chemical to partner for ammonia sea transport

Lotte Fine Chemical to be responsible for supplying ammonia and methanol, HMM to be in charge of sea transportation

HMM, Lotte Fine Chemical to partner for ammonia sea transport
Mi-Sun Kang 1
2023-04-24 18:59:01 misunny@hankyung.com
Hydrogen economy

South Korea's HMM Co. and Lotte Fine Chemical Co. have formed a partnership to transport and supply next-generation environmentally friendly fuel, ammonia, via sea transport.

The two companies recently signed a "carbon-neutral ammonia sea transport ammonia and methanol bunkering (ship fuel supply) agreement."

They have also established a "green ammonia transport and bunkering consortium agreement" with other major Korean companies, such as POSCO and Korea Shipbuilding & Offshore Engineering.

Lotte Fine Chemical, with the largest ammonia storage facility in Korea, will be responsible for securing and supplying the ammonia, while HMM will handle the sea transport. Ammonia, a hydrogen and nitrogen compound, is gaining attention as a transport vehicle for storing and transporting hydrogen. According to the International Energy Agency's "2050 Carbon Zero Roadmap" report, ammonia is expected to account for 45% of ship fuel demand by 2050.

"We are committed to environmentally friendly fuel transport and procurement through proactive business cooperation," said HMM CEO Kim Kyung-bae.

"The partnership will proactively establish bunkering services for ammonia and methanol based on HMM's plans to introduce ammonia and methanol propulsion systems," Lotte Fine Chemical CEO Kim Yong-seok explained.

Write to Mi-Sun Kang at misunny@hankyung.com

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