SK E&S to Cooperate with Beijing Gas Group for LNG and Hydrogen

Source: 5/26/2022, Location: Asia

- SK E&S Vice Chairman Yoo Jeong-jun expands networking with global energy companies at WGC… At the forefront of private energy diplomacy
- Joint cooperation with Beijing Gas Group in China for LNG business, cooperation in blue/green hydrogen production and fuel cell power generation
- WGC keynote presentation “Natural gas, the role of a ‘gate’ that must be passed to achieve net zero To do'"

SK E&S CEO Jung-Jun Yoo attended the 'World Gas Congress (WGC 2022)' and promised to strengthen cooperation in the LNG (liquefied natural gas) and hydrogen fields with energy companies representing the Huabei region of China. went to

SK E&S announced on the 26th that it had signed a Strategic Collaboration Agreement (SCA) with Beijing Gas Group for LNG and hydrogen business.

On the afternoon of the 25th, at the signing ceremony held at the WGC site, SK E&S CEO Yoo Jeong-joon and Beijing Gas Group Chairman Li Yalan attended the signing ceremony and had a good conversation.

Beijing Gas Group, a subsidiary of Beijing City, is the largest natural gas operator in China's Hebei region. Through this SCA agreement, the two companies decided to establish a strategic cooperative relationship in the field of LNG and hydrogen business in China.

First , we plan to explore opportunities for joint cooperation to expand the LNG value chain . To this end, the two companies agreed to share operational know-how for major assets such as LNG terminals in China, and to further cooperate in terms of LNG imports and natural gas sales. We also decided to share our long-term portfolio strategy for future LNG business.

In the hydrogen field, we are promoting cooperation throughout the value chain, from production to securing demand.decided to do In the hydrogen production field, a plan to produce blue hydrogen by applying CCUS (carbon capture, storage and utilization) technology using the Tianjin LNG terminal under construction by Beijing Gas Group, and to produce green hydrogen in connection with a new renewable energy project, etc. This will be reviewed.

In addition, a plan to mix hydrogen into natural gas pipelines owned by Beijing Gas Group and build a hydrogen fuel cell power plant is also considered. It is also decided to promote the conversion of vehicles operated by Beijing City and Beijing Gas Group to hydrogen vehicles, and to seek ways to convert Beijing Gas Group's CNG (compressed natural gas) and LNG refueling stations into hydrogen refueling stations.

After the signing of the SCA, the two companies plan to form a joint working-level promotion team to explore specific projects.

SK E&S explained that this SCA signing is meaningful in that it has prepared a bridgehead to expand its influence in the Chinese natural gas and hydrogen market, which is expected to grow explosively in the future, by strengthening cooperation with Beijing Gas Group, a core business partner in China. did.

Meanwhile , Vice Chairman Yoo participated in the WGC keynote session held on the morning of the same day with Chairman Lee Yaran on the theme of “Gas in Asia – a Path or Threat to Net Zero Goals”. . Chairman Li Yaran also serves as the Vice President of the International Gas Federation (IGU), which hosts the WGC event, and the Executive Chairman of the China Gas Association.

Vice Chairman Yoo said, “‘Net Zero’ is already a global agenda that is not limited to the energy industry.”

In order to achieve net zero, the energy industry must evolve and develop while maintaining a long-term balance between the three main factors of economy, security, and sustainability, ” he stressed. He predicted that gas will play an important role: “China, India, and Indonesia account for 60-70% of coal power generation, and gas will play an important role in the conversion process, and all countries will become energy sources for the future. It will also be gas to solve the intermittent problem of renewable energy, which is seen as a new energy source,” he emphasized. In addition

, Vice Chairman Yoo evaluated, " Despite this role of gas, there are clear challenges to overcome as a fossil fuel ." It is said that new business opportunities can be opened only when various carbon reduction measures such as reduction are actively used.

Lastly, Vice Chairman Yoo also introduced the carbon reduction plans of SK Group and SK E&S. We will reduce 200 million tons, which is 1% of our target of 21 billion tons.”

We are developing a 10 million-ton CCS project using the Bayou Undan gas field in East Timor, and we plan to contribute to greenhouse gas reduction by investing in the world’s largest 12 million-ton North American CCS project . Although we are going through a more uncertain time than ever, the energy mix will ultimately evolve toward the long-term direction of net zero . Neutral gas' will be able to play the role of 'Guiding Star' rather than 'Sunken Rock' in 'Long journey to the new Age of Discovery '

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