President Chae Hee-bong of Korea Gas Corp.

Korea Gas Corp. (KOGAS) declared a “second founding” as the corporation marked its 37th anniversary on Aug. 17.

The company put forward a vision of transforming itself into a hydrogen-oriented eco-friendly energy company in a mid- to long-term perspective.

While delivering a speech at an anniversary ceremony a day earlier, KOGAS President Chae Hee-bong said, “We’ve established a vision of becoming a company specializing in an eco-friendly energy business by 2030, departing from the conventional liquefied natural gas business, and we’ll make it a future-oriented company.”

To this end, under the stewardship of President Chae, who took office in July 2019, KOGAS laid groundwork to implement the business by expanding and reorganizing a department specializing in hydrogen.

KOGAS President Chae Hee-bong delivers a speech at an anniversary ceremony event at KOGAS headquarters on Aug. 18. (Photos: KOGAS)

KOGAS has been designated by the government as an entity charged with hydrogen distribution. KOGAS President Chae has been commissioned as one of civilian members of a hydrogen economy committee, securing an opportunity to participate in discussing related policies.

The committee consists of Prime Minister Chung Sye-kyun and eight ministers.

Under the vision, KOGAS plans to shift its mainstay business from one focused on fossil fuel LNG - to hydrogen.

The corporation plans to secure technologies related to not only production of hydrogen but also to processing of liquefied hydrogen and transportation.

KOGAS has already begun to build hydrogen charging stations and hydrogen production bases in cooperation with Hyundai Motor Group.

KOGAS plans to flesh out ways to expand the hydrogen business in keeping with the government’s policies on the Korean New Deal. Under the plan, the corporation is considering building large-sized hydrogen production facilities in cooperation of global companies.

The corporation plans to pursue convergence between the conventional LNG business and eco-friendly energy businesses, LNG-fueled truck business, and a business using waste cold from LNG re-gasification, as part of efforts to expand the supply of LNG.

KOGAS is aggressively exploring overseas resources markets. Gas fields are increasingly put on the block in the wake of low crude oil prices and the ramifications of the global spread of COVID-19.

The purpose of acquiring overseas resources assets is to lower Korea’s purchase prices of natural gas. The corporation plans to stabilize the supply of LNG by settling a separate pricing system in which it strikes an LNG supply contract with each power plant.

President Chae said KOGAS, marking the 37th anniversary as a turning point, will have to make achievements in a full-fledged fashion. If KOGAS staff members commit themselves to doing their duties with a sense of responsibility, he said, he was hopeful that the corporation would become a global eco-friendly company in a fast fashion.

President Chae Hee-bong of Korea Gas Corp. (KOGAS) and Gwangju Mayor Lee Yong-sup attend a ceremony to sign an MOU on the construction of a metropolitan hydrogen production center at the Gwangju metropolitan city government building on Sept. 15.