SK E&S, a unit of South Korean conglomerate SK Group, has revealed ambitious plans for its LNG and hydrogen business by 2025.
SK E&S chief executive Choo Hyung-wook said during a media day on Wednesday the company aims to produce 280,000 tons of hydrogen, 7GW of renewables and 10 million tons of green LNG by 2025.
Also, the plans include increasing the value of the company five times from 7 trillion won now to 35 trillion won ($30.2 billion) in 2025.
In a push to become a “major global green energy company”, SK E&S would build a differentiated “green portfolio” in its four core business areas. These areas include hydrogen, renewables, energy solutions, and green LNG.
“World’s leading hydrogen company”
The South Korean firm is looking to become “the world’s leading hydrogen company”.
To achieve this goal, it plans to increase its annual hydrogen supply capacity to 280,000 tons. This includes 30,000 tons of liquefied hydrogen and 250,000 tons of blue hydrogen by 2025.
Its parent SK Group revealed these plans earlier this year. It aims to spend 18.5 trillion won in hydrogen projects over the next five years, including the construction of what it says is the world’s largest hydrogen plant.
SK Group said it plans to produce 250,000 tons of hydrogen annually at a plant near Boryeong LNG terminal by 2025.
Carbon-neutral LNG and CCS
For the LNG business, the company has developed ambitious plans to go greener.
The plans include Korea’s first supply of carbon-neutral LNG for about 1.3 million tons. The firm also said it plans to apply CCS technology to the entire value chain.
Another plan is to grow into a major global LNG provider that will supply 6 million tons and 10 million tons of LNG by 2023 and 2025, respectively, the firm said.