LUPRO, a global green hydrogen and green ammonia resource producer, announced on the 18th that it recently signed a contract to produce 10 million tons of green ammonia in Thailand, marking the start of full-scale green energy resource production.

Under this contract, LUPRO will produce green ammonia resources in a joint venture with Thai energy company Ma Corporation at a 5.4 million square meter green energy plant to be built in Chachoengsao, near Bangkok. The contract is valued at US$7.5 billion (approximately KRW 10 trillion).

Thailand is known as a strategically important location, boasting abundant water resources and optimal renewable energy conditions, including high-quality wind and solar energy, which can drastically reduce production and transportation costs for global maritime logistics.

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, LYUPRO was valued at approximately USD 4.5 billion by Samjong KPMG.

Kim Se-ho, Chairman of ELUPRO, said, "With the 10 million-ton resource production contract in Thailand as a momentum, we will further expand our influence in the global market. We will lead the global carbon neutrality trend and actively contribute to achieving the 2050 net-zero goal." (Maeil Business Newspaper, Jo Seong-shin)