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S-Oil to enter hydrogen business by investing in next-generation fuel cell company

April 19/2021

MOSCOW (MRC) -- South Korea's S-Oil has made an equity investment in a next-generation fuel cell company in a move to enter the hydrogen business, according to BusinessKorea.

Thus, S-Oil has acquired a 20% stake in Fuel Cell Innovations (FCI), a company that provides clean energy solutions based on fuel cells.

With the investment, S-Oil became the largest Korean shareholder of FCI, a Korea-Saudi Arabia joint venture. S-OIL is planning to promote the hydrogen business by forging a strategic partnership with FCI.

FCI has about 40 patents on solid oxide fuel cells (SOFCs). It has been cooperating with various companies and research institutes, including Solid Power, an Italian fuel cell company with which it cooperated to develop products suitable for the Korean and foreign markets.

FCI will invest 100 billion won by 2027 to expand its business areas into green hydrogen and set up production facilities with a capacity exceeding 100MW.

S-Oil is studying ways to cooperate when FCI enters overseas fuel cell markets such as the Middle East. S-Oil is also studying ways to enter the entire value chain of the hydrogen industry from hydrogen production to distribution and sales. In cooperation with Aramco, its largest shareholder, the company is considering launching businesses based on green hydrogen and ammonia and liquefied hydrogen production and distribution businesses.

As MRC reported earlier, S-Oil, South Korean petrochemical major, took off-stream its residue fluid catalytic cracker (RFCC) unit for a turnaround in June, 2020. The company undertook a planned shutdown at the unit by early-July, 2020. The unit remained off-line for about two weeks. Located at Onsan, South Korea, the RFCC unit has a propylene capacity of 705,000 mt/year.

Propylene is the main feedstock for the production of polypropylene (PP).

According to MRC's ScanPlast report, PP shipments to the Russian market reached 141,870 tonnes in January 2021 versus 123,520 tonnes a year earlier. Supply of homopolymer PP and PP block copolymers increased.
Author:Margaret Volkova
Tags:PP, PP block copolymer, homopolymer PP, propylene, petrochemistry, S-Oil, Saudi Aramco, Russia, Saudi Arabia, South Korea.
Category:General News
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