Green Energy Signs $30 Billion Production Contract for 40 Million Tonnes (Photo courtesy of LUPRO)

LUPRO, a global green hydrogen and green ammonia resource production company, announced that it has signed a contract to produce 40 million tons of green ammonia resources in Thailand.

LUPRO will produce green ammonia resources in a joint venture with global energy company Ma Corporation at a 5.4 million square meter green energy plant to be built in Chachoengsao, near Bangkok. The contract is worth $30 billion (approximately 44 trillion won).

Thailand boasts abundant water resources and optimal renewable energy conditions, including high-quality wind and solar energy. As a global maritime logistics hub, it is strategically located and can significantly reduce production and transportation costs. Building on this competitive edge, the Thai government is also demonstrating a strong commitment to carbon neutrality.

In an interview with KBS, Thailand's 56th Deputy Prime Minister, Khon Davaransi, emphasized the nation's commitment to a green transition, stating, "Thailand is ready to create a 'carbon-zero' environment beneficial to human health."

The green hydrogen and green ammonia produced by LYUPRO in Thailand will be supplied to Korea through the Saemangeum New Port and used in co-fueled power generation and hydrogen fuel cell power generation. They will also be exported to Southeast Asia and Europe through MA Corporation.

Achirason Ittawal, CEO of MA Corporation, stated, "This joint venture will be a significant step toward achieving carbon neutrality in Thailand and Southeast Asia. Together with LYUPRO, we will lead the green energy paradigm shift."

LYUPRO is also conducting green energy resource production projects based on solar and wind power in Thailand and the UAE. Based on these global business achievements, Samjong KPMG has valued the company at approximately USD 4.5 billion.

Kim Se-ho, Chairman of ELUPRO, emphasized, "With the 40 million-ton resource production contract in Thailand as a momentum, we will significantly expand our influence in the global market. This is a symbolic achievement that demonstrates that Korean companies' eco-friendly energy resource production capabilities and execution capabilities are sufficiently competitive on the international stage."

Han Areum, Reporter han.areum2@joongang.co.kr