● One-stop solution covering professional engineering services, carbon capture, project financing, carbon sequestration and utilization

● Contribute to sustainable development and save costs by capturing CO2 from flue gas through BASF’s OASE® blue process technology

September 28, 2022 – BASF and Korea GS Construction Co., Ltd. (GS
E&C) signed a Memorandum of Understanding (MoU) on a strategic cooperation in joint development of modular carbon capture facility solutions. Both parties hope to develop individualized turnkey solutions for customers in various industries through standardized elements to remove carbon dioxide from exhaust gases and reuse or store them.

This modular carbon capture solution combines BASF’s advanced OASE® blue carbon capture process technology with GS
E&C’s professional engineering capabilities enable rapid delivery to customers and optimize capital expenditures (CAPEX) and operating expenses (OPEX). This will effectively shorten the implementation steps of carbon capture, utilization and storage (CCUS) projects from concept to actual operation.

BASF’s OASE blue carbon capture technology captures carbon dioxide from flue gas, contributing to sustainable development and saving costs; while GS
E&C will provide one-stop solutions covering professional engineering services, carbon capture, project financing, storage and utilization to help carbon dioxide emissions become carbon neutral.

Sun Yiling, Vice President of Amine, Acetylene and Carbonyl Derivatives Business Management at BASF’s Asia Pacific Intermediates Business Unit, said: “Mature CCUS technology is one of the main options for accelerating global CO2 reduction. BASF and GS
E&C teaming up to demonstrate their commitment to reducing carbon emissions. ”

Yoon Hong, President, New Business Division, GS E&C
Huh said: “We want to build and continue to strengthen our partnership in green energy. This combination of strengths will allow us to become a global leader in carbon capture solutions. This partnership agreement marks a step towards achieving our climate goals. a crucial step.”

“The essence of OASE technology is that it can be highly customized to meet the needs of various applications. In this project, we are pleased to cooperate with forward-looking partners, committed to providing Several viable areas to serve in the CCUS market.”

John Kwangho, Head of Modularity, GS E&C
Jung concluded: “One of the biggest challenges facing the renewable energy industry is reducing uncertainties related to safety, quality, cost and schedule that can significantly impact the economic options for projects. GS
E&C has extensive modular experience and can provide effective solutions to reduce these risks. ”

The OASE family of technologies is one of BASF’s transcendent products that make a significant contribution to the sustainable development of the value chain.

In the 1980s, a number of township enterprises mainly focused on the textile industry emerged in Changle, which was hailed as “grassroots industry” by the famous sociologist Fei Xiaotong. As one of the representatives of “grassroots industry”, Hengshen started from “making a nylon rope”, extended the industrial chain in the reverse direction, continued to advance to the upstream nylon industry, and actively entered the production field of caprolactam, the main raw material of the textile industry.

In July 2017, Hengshen Group invested 40 billion yuan to build the first phase of the polyamide integration project with an annual output of 1 million tons in Kemen Economic Development Zone, Lianjiang County, making it the world’s leading caprolactam producer. The scale of the enterprise is large, but the technical capability is not strong enough, and it has not stood at the high-end position of the global caprolactam value chain.

In 2018, as the “world’s fourth” in the caprolactam industry, Hengshen Group reversely acquired the “world’s first” Fubond, and obtained all shares of Fubond’s Dutch caprolactam factory and 60% of Nanjing Fubond Oriental Chemical Co., Ltd. Co., Ltd. has become the world’s largest caprolactam production enterprise with the most advanced technology and the most complete industrial chain, solving the core problems of caprolactam production technology and intellectual property rights.

In order to achieve from the largest to the strongest, in September 2019, Hengshen acquired Air Liquide (Fuzhou) Co., Ltd., a wholly-owned subsidiary of Air Liquide, and realized the necessary industrial gas raw materials (hydrogen, synthetic ammonia, etc.) in the production process of caprolactam. ) independent supply, which solves the problem of supply chain stability and effectively reduces costs.

Engineering plastics are an important downstream application of caprolactam. They are high-performance plastics that can replace metal to manufacture machine parts and are widely used in electrical and electronic, automotive, aerospace and other industries. Due to technical gaps, caprolactam is basically used in the textile industry in China, and 90% is used abroad to produce engineering plastics with higher gold content.

German Ankoro is known for its strong innovation ability and advanced technology in the international high-end engineering plastics industry, and is a supplier of well-known enterprises such as Mercedes-Benz, BMW and Audi. “After this acquisition, we have the right to speak in the downstream high-end applications of caprolactam,” said Chen Jianlong, chairman of Hengshen Group.

Chen Jianlong said that Hengshen Group will continue to strengthen industrial chain projects such as semiconductor raw materials, lithium battery new energy raw materials, high-end engineering plastics, new textile and clothing materials, and continuously improve its core competitiveness. The high-quality development of the textile and chemical fiber industry in our province.