![\"EcoMethanol](\"https:\/\/shipandbunker.cdn.speedyrails.net\/a\/img\/_asp_b754ebcefe1f3b4063230d2f2cc9bf6b.v.652.jpg\")
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\n\tThe signing ceremony at EUKOR head office, Seoul, August 26. Image Credit:\u00a0EcoMethanol<\/p>\n
\n\tSouth Korea\u2019s 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.<\/p>\n
\n\tHyundai Corporation will buy the methanol produced at EcoMethanol\u2019s 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.<\/p>\n
\n\tTaebaek City is investing in the project and providing administrative and policy support.<\/p>\n
\n\tThe plant will produce 15,000 mt\/year of green methanol from forestry residues using dual fluidized bed gasification.<\/p>\n
\n\tEcoMethanol has secured its site, obtained an integrated environmental permit and completed the basic design.<\/p>\n
\n\tConstruction is due to start in December 2026, with production targeted for January 2029.<\/p>\n
\n\tInvestment is expected to total KRW 120 billion.<\/p>\n
\n\tSouth Korea currently has no domestic green methanol production, the company told Ship & Bunker.<\/p>\n
\n\tKorean-linked vessels have so far relied on imported fuel, including EUKOR\u2019s Arctic Tern, which loaded about 2,800 mt in Shanghai in July.<\/p>\n
\n\tThe project will link the producer, trader and two carriers in one supply chain.<\/p>\n
\n\tEcoMethanol said the remaining challenge is closing the cost gap with fossil fuel as Korea develops support measures for green shipping.<\/p>\n