Posted on June 26, 2021 by Korea Bizwire in Business, Editor's Picks, Energy & Green

SEOUL, June 26 (Korea Bizwire) — South Korean refiners are jacking up investment in the burgeoning hydrogen market to secure their place in a world shifting away from fossil fuels and to get ahead of the next big change in the energy industry.

Hydrogen, which burns clean when mixed with oxygen in a fuel cell, can be used for various industrial purposes, vehicles and ships, but it has been mostly used in oil refining and production of fertilizers.

Large-scale usage of hydrogen requires not only manufacturing factories but also compression, transportation, distribution and conversion facilities, which gives petrochemical companies a competitive edge in building the hydrogen value chain.

As major economies toughen the carbon emission targets and investors get serious about sustainability, major refiners in Asia’s fourth-largest economy have been stepping up investment in hydrogen to capture a slice of the growing energy market.

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