South Korean energy giant GS Caltex announced yesterday that the company is forming a consortium with 8 chemical industry players to enter the carbon capture sector.
According to the oil refining major, the consortium will include leading domestic companies, such as Hyundai Glovis, Linde Korea, Samsung Construction and Trading (C&T), Korea East-West Power and others.
The deal will see to it that said companies will capture the carbon emissions from plants at the Yeosu National Industrial Complex for utilization in chemical conversion and mineral carbonation.
Whatever amounts of these emissions cannot be utilized will then be buried underground either at home or abroad for permanent storage.
In addition to setting up the carbon capture, utilization and storage (CCUS) consortium, GS Caltex will also address the supply of blue hydrogen.