|GS E&C President Huh Yoon-hong, right, and BASF Vice President Evelyn Shen hold signed copies of a memorandum of understanding (MOU) at the Korean firm's headquarters in downtown Seoul. Courtesy of GS E&C|
By Lee Kyung-min
GS Engineering & Construction (E&C), a construction affiliate of GS Group, will fortify cooperation with BASF, a German multinational chemical firm, to standardize modular carbon capture devices, the local firm said Tuesday.
This is part of the firm's long-term business portfolio reorientation, strengthened to prioritize green modularization defined by the ability to create different configurations for increased customer value through subdividing products in a logical way that provides economies of scale.
The move is the latest in a slew of global cooperation efforts, as illustrated by previous MOUs it signed to advance modularization of green energy and biofuel manufacturing facilities. One signed in January between GS E&C and SG H2 Lancaster LLC, a U.S. energy firm, was to strengthen cooperation for renewables and green hydrogen manufacturing plants, followed by one between Haldor Topsoe, a Danish gas firm, in March to modularize biodiesel facilities.
MOU in Seoul
GS E&C President Huh Yoon-hong and BASF Vice President Evelyn Shen signed a memorandum of understanding (MOU) at the Korean firm's headquarters in downtown Seoul.
The MOU will enable the German firm to share and provide information on its core carbon capture technology "OASE®blue," a critical component in standardizing carbon capture modularization.
The GS affiliate's decades of experience in refinery and chemical plant engineering will facilitate effective and efficient design and construction of the joint project, underpinned by the German industry leader's critical carbon capture utilization and storage (CCUS) technologies. CCUS involves the capture of carbon dioxide (CO2) from fuel combustion or industrial processes as well as the transport of CO2 via ship or pipeline. It is used to create valuable products or services or be stored permanently deep underground in geological formations.
The cooperation will help both firms expand global businesses, as lifted by the GS affiliate's ability to reduce both input costs and construction period.
"We have established a partnership with a global industry leader in the carbon capture technology sector, an area of great growth prospects in the years to come," Huh said after signing the MOU. "We will continue to expand green businesses for a sustainable future."