Collaboration in Offshore Wind, Hydrogen, Steel, and LNG Supply Sectors to Drive Energy Transition
Equinor, a Norwegian broad energy company, announced the signing of a Memorandum of Understanding (MoU) with POSCO International on September 7. Under the MoU, the companies will explore a broad energy transition collaboration across offshore wind, hydrogen value chains, steel and LNG supply.
The agreement marks a wide-ranging energy transition collaboration between the two companies. POSCO International and Equinor will explore various initiatives under the agreement. These include potential joint ventures and joint investment in projects within offshore wind including the Firefly/Bandibuli project andlow carbon hydrogen and ammonia. The MoU also covers potential steel supply for offshore wind and hydrogen projects and LNG sourcing and supply. These efforts reflect Equinor and POSCO International’s commitment to advancing sustainable energy solutions on a global scale.
The signing ceremony took place in Singapore on September 7. Irene Rummelhoff, Executive Vice President of Marketing, Midstream, and Processing at Equinor, Ingunn Svegården, Senior Vice President of Renewables Asia-Pacific at Equinor and Jeon-hyuk Lee, Head of the Energy Division at POSCO International, etc. were present at the ceremony.
Irene Rummelhoff, Executive Vice President of Marketing, Midstream, and Processing (MMP) at Equinor, stated, “This partnership has the potential to play a pivotal role in enhancing Equinor’s role as a key partner in achieving Korea’s carbon neutrality and energy transition goals. Equinor is fully committed to supporting Korea in reaching its carbon neutrality objectives together with POSCO International.”
Equinor has also signed two MoU’s with other Korean companies in the past weeks, one related to the Bandibuli project on August 23, and one on August 30 related to the Hoopoong an Chujin projects nearby Chuja Island.
Bjørn Inge Braathen, Country Managing Director of Equinor Korea, added, “This Memorandum of Understanding represents both an important step forward for Equinor’s investment plans in Korea as announced during the investment declaration ceremony held in Paris last June, and an extension of our recent collaborations with multiple Korean companies. We are currently maturing several offshore wind projects in Korea including the Bandibuli project offshore Ulsan. POSCO International has a strong heritage and industrial base on the East Coast of Korea, which will benefit a potential collaboration on Bandibuli.”
Jeon-hyuk Lee, Head of the Energy Division at POSCO International, expressed his enthusiasm, saying, “The company is transitioning into a global eco-friendly conglomerate and is focusing on qualitative growth in its energy sector through renewable energy expansion. This agreement serves as a significant steppingstone for our formal entry into offshore wind power, and we also anticipate it will pave the way for collaborations in the sustainable technologies such as hydrogen and ammonia.