LUPRO, a global green energy resource production company, will produce 5 million tons of 'green ammonia' in Oman and supply it to Thailand and Korea.

LUPRO announced on the 22nd that it has established a joint venture company, LUPRO Oman, with a major company in Oman and signed a contract to produce 5 million tons of “green ammonia” (equivalent to 6.5 trillion won in chemical conversion) from 2027 to 2032.

In general, in the Middle East, joint ventures are contracts in which a local company takes a stake of 51% or more, but in this contract, LUPRO will have an 80% stake.

To expedite the project, Luypro Oman will sequentially build a green energy production base of 5GW or more on a site of 8.4 million square meters (the size of Yeouido) in the Duhok Free Economic Zone in Oman starting next year.

“This contract has laid the foundation for us to develop this into a large-scale project involving all of the government agencies in Oman, including the Oman Investment Authority, the state-owned energy company, the national power authority, and the water and electricity authority,” said Al-Rumhi, chairman of ELPOWROOMAN (former Minister of Energy and Minerals of Oman). ”We will grow ELPOWROOMAN into a global green energy producer.”

ELUFORO also signed a contract with MA Corporation, a global energy company in Southeast Asia, to supply 5 million tons of green ammonia produced in Oman for 10 years at a price of $4.5 billion (approximately 6.5 trillion won).

LUPRO plans to develop the project into a large-scale project that will create a carbon-neutral ecosystem in Korea by importing green energy produced in Oman to Korea through various channels, including Saemangeum in Jeollabuk-do Province, Incheon Port, and Pyeongtaek New Port.

“We will respond to the climate crisis facing the world and expand the supply of hydrogen energy resources, which is essential for achieving carbon neutrality, not only domestically but also to the global market beyond Asia,” said Kim Se-ho, chairman of ELUpro.

/By Lee Jong-tae dolsaem@kyeongin.com