German multinational chemical firm BASF and Korea-based GS Engineering and Construction (GS E&C) have signed a Memorandum of Understanding (MoU) to partner in developing modular solutions for CO2 capture facilities. The two companies intend to create individual package solutions from standardized elements for clients from all industries to remove carbon from exhaust gases and process it for storage and utilization.
BASF’s OASE® blue CO2 capture process technology, together with GS E&C’s engineering capabilities, can quickly deliver a modular CO2 capture package to customers with optimized capital expenditures (CAPEX) and operating expenses (OPEX). This means much shorter implementation steps of Carbon Capture, Utilization and Storage (CCUS) projects from concept to operation.
BASF’s OASE blue process technology will bring sustainability and cost efficiency to the project, while GS E&C’s specialized solution will ensure carbon neutrality.
“CCUS is one of the key options with high technology readiness to accelerate the reduction of global CO2 emissions,” said Evelyn Shen, Vice President, Business Management Amines, Acetylenics & Carbonyl Derivatives Asia Pacific, Intermediates Asia Pacific, BASF. “The joint efforts between BASF and GS E&C are a testament to our commitment towards this.”
“We hope to have a deep, bilateral relationship and growing partnership in green energy,” said Yoon Hong Huh, President, GS E&C’s business division. “This alliance will work as a gateway to make us to be a global leader for carbon capture solutions. Today’s agreement signals a decisive milestone towards meeting our climate action ambitions.”
BASF’s OASE proprietary solutions are among the company’s accelerator products and bring a substantial contribution to sustainability in the chemical firm’s value chain.
GS E&C works on its sustainability strategies through its Sustainability Management Committee and Sustainability Management TF. The firm puts forward its strategic directions and action plans in keeping with its key pillar for sustainability management – the Triple Bottom Line (Environmental, Economic and Social Impacts).