GS E＆C President Huh Yoon-Hong, right, and BASF Vice President Evelyn Shen were poses for a photo at the event celebrating the firms` new partnership held at the Korean builder’s headquarters in central Seoul on Tuesday. (GS E＆C)
GS Engineering and Construction has partnered up with German chemical giant BASF to jointly modularize a carbon capture solution, which would work as the framework for their future projects, the South Korean firm said Tuesday.
The latest deal would focus on co-developing and translating BASF’s OASE blue technology -- an optimized large-scale post-combustion capture technology -- into a modular carbon capture solution, according to GS E＆C. OASE blue enables its user to selectively capture carbon through a liquid solution.
BASF will provide data on carbon capture technology, while GS E＆C will standardize related designs and construction through its experience of handling large-scale petrochemical plant projects. The deal would ultimately help reduce costs and time for construction, the Korean builder said.
The two firms plan to enter the carbon capture, utilization and storage market in the near-future through its new partnership.
“We were provided with a new platform to expand our modular green energy projects through the latest partnership with a global firm spearheading the carbon capture industry,” said GS E＆C President Huh Yoon-hong.
BASF is a German multinational chemical company and is the largest chemical producer in the world. It has subsidiaries and joint ventures in more than 80 countries.
GS E＆C’s net profit for the second quarter jumped 190.1 percent on-year to 180 billion won ($137 million), according to a regulatory filing. Operating profit inched up to 164.4 billion won from 124.9 billion won in the cited period.(email@example.com