EcoMethanol to Establish South Korea’s First Green Methanol Supply | Mariner News

EcoMethanol has signed a Memorandum of Understanding (MOU) with Taebaek City, Hyundai Corporation, Wallenius Wilhelmsen Ocean AS, and EUKOR Car Carriers to establish South Korea’s first domestic green methanol production and supply chain for shipping.

This landmark agreement is set to provide a localized source of green methanol for methanol-fuelled vessels operated by Wallenius Wilhelmsen and EUKOR, significantly reducing their reliance on imported alternative fuels. South Korea currently lacks domestic green methanol production, with Korean-linked vessels, such as EUKOR’s Arctic Tern, previously sourcing fuel from international hubs like Shanghai.

The project details EcoMethanol’s planned plant in Taebaek, which will produce 15,000 metric tons of green methanol annually from forestry residues using dual fluidized bed gasification. Hyundai Corporation will act as the trader, purchasing the methanol from EcoMethanol and supplying it directly to the two car carriers.

Taebaek City is providing investment, administrative, and policy support, underscoring a growing trend of municipal engagement in developing regional alternative fuel infrastructure. This integrated approach, linking producer, trader, and end-user carriers, offers a more stable and predictable fuel supply, mitigating the price volatility and logistical challenges often associated with nascent alternative fuel markets.

EcoMethanol has secured the project site, obtained an integrated environmental permit, and completed the basic design. Construction is scheduled to commence in December 2026, with production targeted for January 2029. The total investment for the plant is expected to be KRW 120 billion.