LUPRO, a global green hydrogen and green ammonia resource production company, announced on the 24th that it has signed a contract to produce 10 million tons of green ammonia in Thailand and will begin producing green energy resources.

LUPRO will produce green ammonia resources at a 5.4 million square meter green energy plant being built in Chachoengsao, near Bangkok, in a joint venture with Thai energy company Ma Corporation. The contract is worth US$7.5 billion, or approximately 10 trillion won.

Thailand boasts abundant water resources and optimal renewable energy conditions, including wind and solar power. As a global maritime logistics hub, it is considered to have favorable geographical conditions for reducing production and transportation costs. The Thai government is strongly committed to carbon neutrality. In an interview with KBS, 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 LUPRO 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 Itawol, CEO of MA Corporation, said, "This joint venture will be a significant step toward achieving carbon neutrality in Thailand and Southeast Asia. Together with LUPRO, we will lead the green energy paradigm shift."

LUPRO is also conducting green energy resource production projects based on solar and wind power in the UAE, as well as in Thailand. Based on these global business achievements, Samjong KPMG has valued the company at approximately USD 4.5 billion.

LUPRO Chairman Kim Se-ho stated, "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."

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