Two SK Group units join EU-funded carbon capture project

By Lim Chang-won Posted : March 10, 2021, 14:15 Updated : March 10, 2021, 14:15

[Courtesy of SK Innovation]

SEOUL -- Two units affiliated with South Korea's third-largest conglomerate SK Group will join an EU-funded carbon capture project, secure research results and explore opportunities for their entry into overseas carbon capture and storage (CCS) markets. CCS is the process of capturing waste carbon dioxide, transporting it to a storage site and depositing it where it will not enter the atmosphere.

Carbon dioxide can be captured directly from an industrial source by using a variety of technologies. Normally, CO2 is captured from large point sources for storage in an underground geological formation. The aim is to prevent the release of large quantities of CO2 into the atmosphere from heavy industry and limit climate change.

SK Innovation (SKI) and SK Energy signed a collaboration agreement to participate in the REALISE project to develop a way to capture up to 90 percent of CO2 from multiple sources in operating refineries at a cost that is 30 percent lower than existing capture methods. The two SK Group units will work with 14 industrial-academic associations in the EU and two Chinese institutions until April 2023.

SKI said in a statement on March 10 that its Ulsan complex would provide emission gas and power utility information for each process to study the price of carbon dioxide collection and transportation costs through pipelines and ships. SKI and SK Energy will be able to secure capabilities to develop next-generation carbon dioxide absorbers at oil refineries, secure simulation tools to verify and utilize next-generation carbon dioxide wet technology and acquire CCS economic evaluation capabilities for their entry into overseas markets.

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