GS Caltex wins Yeosu carbon capture and utilization deal

[Courtesy of GS Caltex Corp.]

GS Caltex Corp said on Tuesday that it signed a memorandum of understanding with South Jeolla Province and the city of Yeosu for a carbon capture and utilization (CCU) project. The deal forms part of the Seoul-based energy firm’s strategy for building a circular economy ecosystem and its shift toward low-carbon energy by leveraging its technological strengths in the sector.

Industry sources say Yeosu is an ideal region to test and implement the CCU technology as the city is home to industrial facilities for steel, petrochemicals, and oil refineries that emit significant amounts of carbon dioxide.

CCU is a technology that captures carbon dioxide emitted from industrial sources such as chemical and refining plants and converts it into fuel or new carbon compounds. The technology effectively reduces carbon dioxide emissions from various processes while producing fuels and high-value chemicals.