LUPRO, a global green hydrogen and green ammonia resource production company, has signed a contract with global energy company Ma Corporation to produce 40 million tons of green energy, worth $30 billion, in Thailand. Photo courtesy of LUPRO

LUPRO, a global green hydrogen and green ammonia resource production company, announced that it has signed a contract to produce 40 million tons of green ammonia resources in Thailand.

LUPRO will produce green ammonia resources in a joint venture with global energy company Ma Corporation at a 5.4 million square meter green energy plant to be built in Chachoengsao, near Bangkok, Thailand. The contract is worth $30 billion, or approximately 44 trillion won.

Thailand boasts abundant water resources and optimal renewable energy conditions, including high-quality wind and solar power. As a global maritime logistics hub, it is strategically located, enabling dramatic reductions in production and transportation costs. Building on this competitive edge, 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 his commitment to a national 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 domestically through the Saemangeum New Port for use 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 LUPRO, we will lead the green energy paradigm shift."

LUPRO is also conducting green energy resource production projects based on solar and wind power not only in Thailand but also in the Middle East, the UAE. Based on these global business achievements, Samjong KPMG has valued the company at approximately USD 4.5 billion.

LUPRO Chairman Kim Se-ho stated, "The 40 million-ton resource production contract in Thailand will serve as a catalyst for expanding our influence in the global market. This achievement is a symbolic demonstration that Korean companies' eco-friendly energy resource production capabilities and execution capabilities are sufficiently competitive on the international stage."

Reporter Choi Yong-seok, duck8@donga.com