Carbon capture utilization and storage (CCUS) captures waste carbon dioxide and transports it to a storage site for recycling. Without consuming too much energy, BASF's technology selectively recovers only carbon dioxide in exhaust gases using liquid absorbers.
BASF will provide information on carbon capture technology, while GS E&C will reduce investment costs and minimize the construction period by standardizing design and construction. "We have established a partnership with the leading company in the carbon capture technology field, which is projected to continue to grow," GS E&C's new business division head Huh Yoon-hong said in a statement on September 27.
The global CCUS market is expected to grow from $1.9 billion in 2020 to $7.0 billion in 2030, according to global market research firm Allied Market Research. In November 2021, South Korea's energy ministry unveiled a 1.4 trillion won ($984 million) scheme to develop technology related to carbon capture and storage by 2030.
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