PLAGEN and seven other companies will construct a clean methanol production facility in Taebaek City
Taebaek city signed an investment agreement with ten partner organizations at Hyundai Corporation’s headquarters in Seoul on the 19th to build a 10,000 ton/year clean methanol production facility in Taebaek City’s Dongjeom Industrial Complex, using the Regional Revitalization Investment Fund.
The investment agreement ceremony was held with Taebaek City Mayor Lee Sang-ho and other officials from related organizations and companies in attendance. Taebaek City and ten partner organizations signed an investment agreement to promote mutual cooperation.
▲ At Hyundai Corporation headquarters in Seoul on the 19th. The signing ceremony for an investment agreement with ten partner organizations to build a 10,000 ton/year clean methanol production facility at Dongjeom Industrial Complex in Taebaek City using the Regional Revitalization Investment Fund. ⓒTaebaek City
The agreement states that Hyundai Corporation and Wallenius Wilhelmsen will purchase the clean methanol to fuel their ships.
In addition, seven companies, including PLAGEN Co., Ltd., Infra Frontier Asset Management, Shinwon Construction Co., Ltd., Hanvit Energy Co., Ltd., STECH Korea Co., Ltd., Optimum Trading Co., Ltd., and Seungwon Co., Ltd., have agreed to invest in Eco Methanol Co., Ltd., a special purpose company (SPC) established for clean methanol production, to build a clean methanol production facility with a total project cost of KRW 70 billion.
An official from Taebaek City said, “This agreement is expected to serve as a foundation for Taebaek City’s transition to a carbon-free, clean energy city. We will continue to cooperate with relevant organizations to select projects for the Regional Revitalization Investment Fund.”
Hyundai Corporation was established in 1976 as an import- and export-specialized company of the Hyundai Group. It is a leading Korean general trading company with a strong track record across heavy chemical products trade, overseas investment, and global energy and resource development projects.
In particular, Hyundai Corporation is planning to expand into new sectors such as industrial distribution, cultural contents, and bio and renewable energy, laying the groundwork for future growth.
In addition, the Regional Revitalization Investment Fund is the first policy fund aimed exclusively at regional revitalization, including efforts to address rural decline. It was introduced to overcome the limitations of small-scale, financially dependent regional investments.
February 19, 2025
Pressian