Eco Methanol to invest 120 billion won in preemptive push
Taebaek vows full administrative support to become global zero-carbon energy hub
The Dongjeom Industrial Complex in Taebaek — once a gateway to the country's southern coal-mining belt — is set to become a production hub for clean methanol, a zero-carbon fuel of the future. The shift is expected to serve as a model for revitalizing former coal-dependent regions that have long struggled with economic decline.
Taebaek signed a three-way MOU Tuesday with Eco Methanol Co. and Janggeum Merchant Marine Co. to cooperate on clean methanol production and demand creation.
The agreement is designed to secure a clean methanol production system at the Dongjeom complex ahead of the full-scale launch of the Jangseong Colliery Economic Development Project — a planned large-scale clean methanol industrial complex — through preemptive investment at the site.
Under the MOU, a triangular cooperation framework covering production, demand and administrative support will go into operation.
Eco Methanol will invest 120 billion won ($86.4 million) to build clean methanol production and manufacturing facilities at the Dongjeom complex, while Janggeum Merchant Marine, as the demand partner, will guarantee stable early-stage market demand by actively using the produced clean methanol as eco-friendly ship fuel.
Taebaek will provide full administrative support, including permits and approvals, to ensure the investment takes hold smoothly and the project moves forward without delay.
The city plans to use the preemptive investment at the Dongjeom complex as a springboard to establish an early lead in the clean methanol market, then generate large-scale synergies by linking the complex with the forthcoming Jangseong Colliery clean methanol industrial complex.
The move also positions Taebaek to respond proactively to the zero-carbon ship fuel market, in line with a special act on green shipping route development set to take effect next year and tightening global carbon emission regulations, backed by the partnership with Janggeum Merchant Marine.
"Securing preemptive investment at the Dongjeom complex ahead of the Jangseong Colliery Economic Development Project is a highly meaningful first step toward establishing Taebaek as a global clean methanol hub," a city official said. "We will focus all of our administrative resources on ensuring that the bold investment by the producer and the firm commitment of the demand partner generate the greatest possible synergy."
abc@heraldcorp.com
