Korea Gas Corporation(46,750 +11.71%)The company is showing strength in the early trading on expectations for the hydrogen business announced as a new business.
As of 9:38 am on the 28th, Korea Gas Corporation was trading at 45,950 won, up 4,100 won (9.8%) from the previous trading day.
Earlier, the Korea Gas Corporation announced its mid- to long-term hydrogen and new business plans the day before. The main goal is to achieve KRW 4.52 trillion in green hydrogen sales by introducing 1.21 million tons of overseas green hydrogen by 2040. By 2030, Changwon, Gwangju, Pyeongtaek, and Tongyeong will produce 35,000 tons of hydrogen infrastructure per year.
It also decided to develop a carbon dioxide capture, utilization and storage (CCUS) project for carbon reduction. It plans to reduce carbon dioxide by 20% by 2030 by complementing the limitations of domestic extracted hydrogen. Thereafter, the plan is to achieve a 60% reduction by 2035 and 100% reduction by 2040.
Lee Jong-hyung, a researcher at KB Securities, said, “It is unfortunate that detailed investment plans and mid- to long-term earnings forecasts for each business are not disclosed, but they are expected to be announced at a time lag in the future.” As the favorable business environment continues, we believe that the mid-to-long-term growth potential has also been strengthened by the announcement of this vision.”
Reporter Eunji Cha, Hankyung.com [email protected]
ⓒ Hankyung.com, unauthorized reprinting and redistribution prohibited