The signing ceremony at EUKOR head office, Seoul, August 26. Image Credit: EcoMethanol
South Korea’s EcoMethanol has signed an MOU with Taebaek City, Hyundai Corporation, Wallenius Wilhelmsen Ocean AS and EUKOR Car Carriers covering the supply of green methanol for shipping.
Hyundai Corporation will buy the methanol produced at EcoMethanol’s planned Taebaek plant and supply it to the two carriers for use in their methanol-fuelled ships, EcoMethanol told Ship & Bunker in an emailed statement on Thursday.
Taebaek City is investing in the project and providing administrative and policy support.
The plant will produce 15,000 mt/year of green methanol from forestry residues using dual fluidized bed gasification.
EcoMethanol has secured its site, obtained an integrated environmental permit and completed the basic design.
Construction is due to start in December 2026, with production targeted for January 2029.
Investment is expected to total KRW 120 billion.
South Korea currently has no domestic green methanol production, the company told Ship & Bunker.
Korean-linked vessels have so far relied on imported fuel, including EUKOR’s Arctic Tern, which loaded about 2,800 mt in Shanghai in July.
The project will link the producer, trader and two carriers in one supply chain.
EcoMethanol said the remaining challenge is closing the cost gap with fossil fuel as Korea develops support measures for green shipping.
Ship & Bunker News Team
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