South Korea: OCI Global and Lotte Fine Chemical (LFC) of South Korea have signed an agreement for the supply of Bio-Ammonia. The agreement was executed on March 17th.
OCI, the global leader in Bio-Ammonia production, announced that it will supply its ISCC Plus Bio-Ammonia to LFC for use in South Korea starting this year. The Bio-Ammonia is derived from Bio-Methane and is intended to help decarbonise the chemical value chain and power sector. Furthermore, plastic products made from this material will be eligible for tax benefits when they are exported to Europe if they are certified as being based on Bio-Methane.
South Korea is quickly becoming an important market for clean Ammonia production in the electricity and chemicals industries. It has the potential to become a key hub for clean Ammonia bunkering in Asia.
OCI and LFC have announced plans to collaborate in creating a global bunkering supply chain for Ammonia-powered vessels. This new revolutionary venture is set to be based in Ulsan, South Korea and is expected to be commercialised by 2025. LFC will be utilizing the Ammonia tank facilities at Ulsan port for their project, while OCI will focus on creating a reliable and efficient supply chain and bunkering network. The key components of this network include Ammonia storage infrastructures located in Rotterdam, Netherlands; Suez in Egypt; and the US Gulf.