HOUSTON, May 25, 2022 /PRNewswire/ -- McDermott's storage business, CB&I, and Korea Gas Corporation (KOGAS) have signed a memorandum of understanding (MoU) to explore the development of large-scale liquid hydrogen storage to support Korea's Hydrogen Economy Roadmap.
Last year, South Korea announced plans to achieve carbon neutrality by 2050 by replacing coal-fired power generation with renewable sources and internal combustion engine vehicles with hydrogen-powered and battery-based electric vehicles.
KOGAS has grown into the largest LNG-importing company in the world and operates four LNG regasification terminals and 4,945 km of natural gas pipelines in South Korea.
"Hydrogen has emerged as a key enabler to meet these decarbonization goals and KOGAS will play a leading role in building the infrastructure for hydrogen shipping, storage and distribution to make these ambitions a reality," said Seung Lee, Executive Vice President of KOGAS.
CB&I specializes in designing and building field-erected pressure spheres capable of storing liquid hydrogen at temperatures of minus 423 degrees Fahrenheit and is nearing completion of the world's largest liquid hydrogen sphere in Cape Canaveral, Florida, USA. Their history in this field spans more than 60 years.
"Viable storage solutions on both ship and shore will be fundamental for South Korea to realize its carbon neutrality goals," said Cesar Canals, Senior Vice President of CB&I. "With ongoing research and development efforts well underway to scale up capacity thresholds for liquid hydrogen storage, CB&I is honored to join KOGAS in setting the pace for the rapid development of a large-scale hydrogen economy for South Korea."
CB&I is the world's leading designer and builder of storage facilities, tanks and terminals. With more than 60,000 structures completed throughout its 130-year history, CB&I has the global expertise and strategically located operations to provide its customers world-class storage solutions for even the most complex energy infrastructure projects. To learn more, visit www.cbi.com.
KOGAS has been supplying natural gas safely and reliably for 38 years to improve convenience in the lives of citizens and playing a key role in the transition to eco-friendly energy. The company, as Korea's representative global energy company, is currently engaged in 25 overseas projects from upstream sector to the downstream sector. KOGAS will now lead the world energy industry to a new horizon to become the global standard for energy enterprise beyond Korea as the paradigm shifts towards eco-friendly energy. For more information about KOGAS, please visit www.kogas.or.kr.
McDermott is a premier, fully-integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott's innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. Operating in over 54 countries, McDermott's locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit www.mcdermott.com.
McDermott cautions that statements in this communication which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties. These forward-looking statements include, among other things, statements about the expected scope and benefits of the Memorandum of Understanding discussed in this press release. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit or capital markets; our inability to successfully execute on contracts in backlog; changes in project design or schedules; the availability of qualified personnel; changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties; changes in industry norms; actions by lenders, other creditors, customers and other business counterparties of McDermott and adverse outcomes in legal or other dispute resolution proceedings. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward-looking statements. This communication reflects the views of McDermott's management as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.
For media inquiries, please use the contact information below for each company:
Global Media Relations
+1 281 588 5636
Local Media Relations
+61 417 145 256
Korea Gas Corporation
General Manager, M&A Team
+82 53 670 6571
Senior Associate, M&A Team
+82 53 670 6576
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SOURCE McDermott International, Ltd