Itochu, Lotte Chemical sign ammonia MoU
SUMMARY
The companies plan to trade ammonia as well as supply to Japanese and South Korean markets.
By Shardul SharmaPOSTED IN:
Japan’s Itochu Corporation has signed a memorandum of understanding with Korea’s Lotte Chemical Co. to collaborate in the field of ammonia and hydrogen, the Japanese company said on July 22.
The companies plan to trade ammonia as well as supply to Japanese and South Korean markets. They will also study the use of ammonia infrastructure and conduct feasibility studies in the field of hydrogen.
Japan and South Korea are expected to have a significant presence as major importers of decarbonised fuels, which play an important role in energy transitions, Itochu said. Together with Lotte, Itochu added, it aims to secure competitive decarbonised fuel through joint procurement and optimisation of logistics.
“We will accelerate efforts to build sustainable energy systems in Japan and South Korea, aiming to realise a low-carbon society,” the Japanese company said.
