RWE, LOTTE CHEMICAL Corporation and Mitsubishi Corporation enter into a Joint Study Agreement to develop a clean ammonia project in Port of Corpus Christi in Texas, USA
TOKYO, Feb 08, 2023 - (JCN Newswire) - RWE , LOTTE CHEMICAL Corporation (LOTTE) and Mitsubishi Corporation (MC) have formed a strategic alliance to jointly develop stable and large-scale clean ammonia (green and blue ammonia) supply chains in Asia, Europe and the US.
Within this alliance, RWE, LOTTE and MC have now signed a Joint Study Agreement (JSA) to develop a large-scale integrated clean ammonia production and export project in Port of Corpus Christi, Texas, USA.
Under the JSA, the partners agreed to jointly study the development of a large-scale ammonia facility that integrates green and blue ammonia production and leverages common infrastructure for international exports with a focus on Asia and Europe. The partners target first production by 2030 and a phased build-out of production capacity with multiple production units. In the final build-out stage the project is envisaged to produce up to 10 million tons of clean ammonia per year. The land required for the project is under discussion with the Port of Corpus Christi Authority. The partners are bringing together complementary expertise to develop the project. This JSA complements other preliminary efforts to develop large-scale clean ammonia projects including the South Texas region.
RWE is one of the world's leading companies in the field of renewable energy with a strong footprint in the US and is currently driving forward more than 30 green hydrogen projects in its core markets. RWE is committed to developing a globally diversified portfolio of projects and offtake agreements for clean hydrogen and its derivatives, such as ammonia. In this context RWE has announced its plan to build an import terminal for ammonia in Brunsbuttel (Germany) by 2026. In its REPowerEU plan, the EU has set a target of producing 10 million tons of renewable hydrogen domestically and importing 10 million tons of renewable hydrogen by 2030, of which 4 million tons is expected to be hydrogen-as-ammonia. This equates to approximately 20 million tons of ammonia. LOTTE CHEMICAL is Korea's leading chemical company, contributing to the healthy and rich life of humankind through creative challenges and innovation. LOTTE CHEMICAL aims to invest 6 trillion won ($4.3 billion) by 2030 to produce 1.2 million tons of clean hydrogen a year, and hopes to make annual revenue of 5 trillion won ($3.6 billion) from its hydrogen and ammonia business. South Korea's 10th Basic Plan for long-term electricity supply and demand, released in January 2023, announced plans to introduce ammonia and hydrogen as a new energy source. According to the Plan, portion of the Low-carbon power generation will be increased to 2.1 percent of total electricity. LOTTE CHEMICAL will leverage its vast business network, investment capacity and experience in global project operations to establish a hydrogen energy ecosystem, spanning production to distribution and sales, and lead the market.
MC started its ammonia trading business from late 1960's and is currently an indirect shareholder of PT Panca Amara Utama (PAU) which is responsible for a plant that produces 700,000 tons/year of ammonia in Indonesia. Japan's Ministry of Economy, Trade and Industry convened a public-private council to promote the introduction of fuel ammonia, and in February 2020 the council announced the roadmap for use of ammonia to power thermal power plants. Assumption is that Japan's annual imports of ammonia will reach 3 million tons by 2030 and 30 million tons by 2050. MC aspires to introduce fuel ammonia in Japan by utilizing such knowledge in the field of ammonia and experience of setting up global energy supply chains, hence MC is looking into such clean energy opportunities globally. Ammonia (NH3) is a compound of nitrogen and hydrogen and is currently used as a raw material for fertilisers, plastics and chemicals. There are growing expectations that ammonia will become a next-generation clean energy source, as ammonia does not emit carbon dioxide when burned. As ammonia requires significantly less cooling for liquefaction than hydrogen, it is also considered to be the most economical carrier for the transport of hydrogen molecules by ship. Blue ammonia is typically referred to as ammonia that is derived from hydrogen that is produced via natural gas feedstock and combining technologies such as carbon capture & storage to ensure the ammonia is low carbon. Green ammonia is typically referred to as ammonia that is derived from hydrogen that is produced via water electrolysis based on renewable energy.
About RWE Supply & Trading GmbH
RWE Supply & Trading is the interface between RWE and the energy markets around the world. Approximately 1,600 employees from over 50 different countries trade (renewable) electricity, (green) gas, commodities and CO2 emission allowances. Accurate market analysis and a high degree of customer centricity enable them to create innovative energy supply solutions as well as risk management concepts for industrial operations. The trading entity also ensures the commercial optimisation of RWE's power plant dispatch and markets electricity from renewables.
About LOTTE CHEMICAL Corporation
LOTTE CHEMICAL Corporation is Korea's leading chemical company, contributing to the healthy and rich life of humankind through creative challenges and innovation. Our extensive range of products from polymer to megatrend product groups is widely used in household goods that we frequently encounter in our everyday lives, as well as cutting-edge new materials. Lotte Chemical, the chemical unit of South Korean retail giant Lotte Group, aims to achieve 50 trillion won ($36 billion) in sales in 2030, with about 30 trillion won ($22 billion) to be generated from high value-added specialty products and eco-friendly materials.
About Mitsubishi Corporation
Representative: Katsuya Nakanishi, President and Chief Executive Officer Main Operations: A global integrated business enterprise that develops and operates businesses across virtually every industry including natural gas, industrial materials, petroleum & chemicals solution, mineral resources, industrial infrastructure, automotive & mobility, food industry, consumer industry, power solution and urban development.
For more information, visit: www.mitsubishicorp.com/jp/en/pr/archive/2023/html/0000050759.html
Mitsubishi Corporation Telephone:+81-3-3210-2171 Facsimile:+81-3-5252-7705
Source: Mitsubishi Corporation Sectors: Chemicals, Spec.Chem
Copyright ©2023 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.
|
Latest Press Release
 Mitsubishi Motors Premieres the All-New Colt for the European Market Jun 09, 2023 20:28 JST
|  TOYOTA GAZOO Racing Unveils "GR H2 Racing Concept" at Le Mans 24 Hours Jun 09, 2023 18:09 JST
|  Pilot Project for Lifelog-based Health Services in Muraoka-Fukasawa District Jun 09, 2023 11:47 JST
|  Crafted Exclusively for the North American Market, Lexus Celebrates the World Premiere of the All-New TX Jun 09, 2023 10:00 JST
|  World Premiere of the All-New Lexus GX Jun 09, 2023 09:30 JST
|  Hitachi launches "Hitachi Application Reliability Centers Service" in Japan to enable cloud-native operations to drive both agility and reliability Jun 08, 2023 16:50 JST
|  Eisai Files Marketing Authorization Application for Lecanemab as Treatment For Early Alzheimer's Disease in South Korea Jun 08, 2023 13:32 JST
|  MHI Inks MoU with TNB Genco on Clean Energy Technologies to Drive Decarbonization in Malaysia Jun 07, 2023 15:56 JST
|  Aiming to Realize an Ever-Better Mobility Society, Toyota Mobility Foundation Selects 12 Teams for 2023 to Work on Activities in the "Mobility for ALL" Category of its Idea Contest Jun 07, 2023 10:56 JST
|  JNTO, Mazda Motor Corporation, and TOYOTA GAZOO Racing Jointly Holding "Japan. Endless Discovery." Exhibit on Centenary of Le Mans 24 Hours Race Jun 06, 2023 17:21 JST
|  NEC to supply East Micronesia Cable System (EMCS) Jun 06, 2023 16:18 JST
|  Transgene and NEC Present New Data on TG4050, an Individualized Cancer Vaccine, Showing it Induces Specific Immune Responses against Head and Neck Carcinoma at ASCO 2023 Jun 06, 2023 15:58 JST
|  Fujitsu 1FINITY Ultra Optical System selected by NTT for next Japan-wide core network Jun 06, 2023 11:53 JST
|  Olympus Announces Plan to Establish Digital Excellence Centers Following Acquisition of Cloud-AI Endoscopy Startup Odin Vision Jun 05, 2023 16:00 JST
|  Olympus Announces Plan to Establish Digital Excellence Centers Following Acquisition of Cloud-AI Endoscopy Startup Odin Vision Jun 05, 2023 16:00 JST
|  Lexus Celebrates the World Premiere of the All-New LBX Jun 05, 2023 15:35 JST
|  Mitsubishi Shipbuilding to Launch Technical Studies on Ammonia Fuel Supply System for Marine Engines under Development by WinGD Jun 05, 2023 13:52 JST
|  Rovanpera increases lead with podium for TOYOTA GAZOO Racing Jun 05, 2023 11:02 JST
|  JCB and Joint Stock Commercial Bank for Investment and Development of Vietnam launch the BIDV JCB Ultimate Credit Card in Vietnam Jun 02, 2023 16:00 JST
|  Eisai to Present Latest Data on Lemborexant at the 37th Annual Sleep 2023 Meeting Jun 02, 2023 12:20 JST
|
More Latest Release >>
|