South Korea-based POSCO International, a subsidiary of steelmaker POSCO, has announced that it has signed a memorandum of understanding with Norway-based petroleum refining company Equinor to develop eco-friendly projects.
The companies will jointly develop offshore wind power projects, low-carbon hydrogen and ammonia projects, establish a steel supply chain, and an LNG business for energy conversion.
Th first project the companies will build is the world's largest floating offshore wind power complex, “Firefly Offshore Wind Power Project”, with a total capacity of 750 MW, in Ulsan, South Korea. The companies will install 50 15 MW wind power generators 70 km off the coast of Ulsan.
POSCO International aims to achieve carbon neutrality by 2050, by reducing carbon emissions by 37 percent by 2030 compared to 2021.