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End-of-day quote Korea Stock Exchange  -  2022-08-11
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South Korea's LG Chem plans to build hydrogen plant to cut carbon emissions

06/19/2022 | 09:11pm EDT
FILE PHOTO: The logo of LG Chem is seen at its office building in Seoul

SEOUL (Reuters) - South Korea's LG Chem Ltd said on Monday it planned to build a hydrogen plant in South Korea to produce 50,000 tonnes of hydrogen annually by the second quarter of 2024, in a bid to reduce carbon emissions.

The new plant is expected to employ technology, which converts methane to hydrogen by creating a chemical reaction under high-temperature steam, LG Chem said in a statement.

"The plant is a key component of LG Chem's strategy to increase its use of renewable energy such as hydrogen in the NCC process by up to 70% by 2025, as well as to the company's plans to actively utilize hydrogen in the production of renewable bio feedstocks such as hydro-treated vegetable oils."

LG Chem, which operates three naphtha crackers with a total ethylene capacity of 3.3 million tonnes per year, said it expected the construction of its hydrogen plant to commence in the first half of 2023 with aims to achieve completion by the second quarter of 2024.

As part of its plan, LG Chem plans to cooperate with Taekyung Chemical, the largest carbonic acid gas producer in Korea using high-purity CO2 as raw material. LG did not provide financial details.

Shares of LG Chem were trading down 0.2% in the morning trade, compared to a 1% fall in the benchmark KOSPI.

(Reporting by Heekyong Yang; Editing by Rashmi Aich)

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
KOSPI COMPOSITE INDEX 0.49% 2528.66 Real-time Quote.-15.05%
LG CHEM, LTD. 1.06% 665000 End-of-day quote.8.13%
LG CORP. 1.32% 84500 End-of-day quote.4.45%
NCC AB (PUBL) -0.27% 108.8 Delayed Quote.-34.94%
NCC GROUP PLC -0.32% 224.458 Delayed Quote.-3.64%
NCC LIMITED -1.75% 64.5 End-of-day quote.-8.25%
TAEKYUNG CHEMICAL CO., LTD. -0.38% 13200 End-of-day quote.6.88%
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Analyst Recommendations on LG CHEM, LTD.
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Sales 2022 50 976 B 39,1 B 39,1 B
Net income 2022 2 601 B 1,99 B 1,99 B
Net Debt 2022 4 419 B 3,39 B 3,39 B
P/E ratio 2022 19,3x
Yield 2022 1,58%
Capitalization 49 185 B 37 702 M 37 702 M
EV / Sales 2022 1,05x
EV / Sales 2023 0,96x
Nbr of Employees -
Free-Float 59,6%
Duration : Period :
LG Chem, Ltd. Technical Analysis Chart | MarketScreener
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Technical analysis trends LG CHEM, LTD.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus BUY
Number of Analysts 26
Last Close Price 665 000,00 KRW
Average target price 779 692,31 KRW
Spread / Average Target 17,2%
EPS Revisions
Managers and Directors
Hak Cheol Shin Chairman & Chief Executive Officer
Okdong Son President
Dong-Seok Cha Chief Financial Officer & Director
Ki-Soo No CTO & President-Executive Board
Young-Ho An Independent Director
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