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Lotte Chemical to invest $3.8 billion in hydrogen business by 2030

 Last Update: 2023-01-10
 Source: Internet
 Author: User

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South Korean petrochemical giant Lotte Chemical said it would invest 4.
4 trillion won ($3.
8 billion) in its hydrogen business by 2030 to reduce carbon emissions and foster new growth drivers
.

According to its hydrogen growth roadmap, Green Commitment 2030, Lotte Chemical said that through the investment, it aims to achieve annual sales of 3 trillion won ($2.
6 billion) in hydrogen-related businesses alone by the 2030 commitment date, and Profit margins exceed 10%
.

Lotte Chemical is the latest company to use hydrogen as a future growth engine
.
Companies in these areas have an advantage when it comes to hydrogen production, as hydrogen is a natural by-product of their plants
.

The company said it would build a blue hydrogen facility with an annual capacity of 160,000 tonnes by 2025
.
It also plans to generate green hydrogen at overseas facilities and bring it to South Korea for industrial use, with a goal of producing 440,000 tons of green hydrogen per year by 2030
.

Overall, Lotte aims to have a facility capable of producing 600,000 tons of hydrogen per year by 2030
.

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