Domestic oil companies, including SK Innovation, are focusing on "blue hydrogen" to simultaneously achieve carbon neutrality and secure new growth drivers. Leveraging existing refining infrastructure and technology to produce "eco-friendly" hydrogen, blue hydrogen is considered a realistic "decarbonization strategy."

According to market research firm MarketsandMarkets on the 11th, the global hydrogen market is expected to reach approximately $411 billion (about 550 trillion won) by 2030. Currently, about 90% of hydrogen produced globally is "gray hydrogen," which has a high carbon dioxide emission rate. In contrast, "blue hydrogen" is eco-friendly hydrogen that captures and stores carbon dioxide generated during the process of extracting hydrogen from natural gas, minimizing carbon emissions. Ultimately, "green hydrogen," which is produced by electrolysis of water using renewable energy sources like solar or wind power, is the most environmentally friendly. However, considering current technology and economic viability, blue hydrogen is evaluated as a more practical alternative.

In response, the domestic oil industry is expanding its business scope across the entire value chain, from hydrogen production to distribution and infrastructure development, accelerating the transition to a hydrogen economy.

SK Innovation constructed a liquefied hydrogen plant at its SK Incheon Petrochemical plant last year, producing 30,000 tons of liquefied hydrogen annually by utilizing gray hydrogen (by-product hydrogen) generated in the refining process. Recently, the company improved the carbon capture, utilization, and storage (CCUS) efficiency at the Incheon plant to 89%, increasing the annual production of blue hydrogen to 35,000 tons and reducing the production cost to $2.8 per kilogram. According to the Korea Energy Economics Institute, the production cost of blue hydrogen is expected to range from $2.5 to $3 per kilogram by 2025, which is more economical than green hydrogen, whose cost is around $6.8 per kilogram.

HD Hyundai Oilbank operates a hydrogen production facility in Seosan, South Chungcheong Province, with an annual production capacity of about 200,000 tons, in line with its 'Hydrogen Dream 2030 Roadmap.' The 'Hydrogen Dream 2030 Roadmap' is HD Hyundai Group's future growth strategy, aiming to build a value chain for hydrogen production, transportation, storage, and utilization in both land and maritime sectors by 2030 across HD Hyundai subsidiaries.

GS Caltex utilizes carbon dioxide generated during the hydrogen production process in its CCUS (Carbon Capture, Utilization, and Storage) business. Last year, GS Caltex signed a memorandum of understanding (MOU) for cooperation and strategic partnership with the Korea Institute of Chemical Technology for a CO2 capture and utilization (CCU) project. The company also signed agreements with Jeollanam-do and Yeosu City to promote a CCU mega project. Based on this, GS Caltex plans to conduct technology research and pilot projects at the Yeosu Industrial Complex.

Experts have analyzed that the transition to blue hydrogen in the refining industry is not just an eco-friendly investment but a matter directly related to the survival of companies. An energy-related researcher stated, "It is true that securing future growth drivers is difficult with traditional refining businesses alone," and advised, "While companies are currently expanding their businesses around blue hydrogen, they must diversify their portfolios to include green hydrogen in the long term."

The government plans to increase the share of carbon-free energy sources, such as hydrogen, in power generation to 13.8–21.5% by 2050, as part of its '2050 Carbon Neutrality Strategy.' In January of last year, the government enacted the 'Carbon Capture, Transport, Storage, and Utilization Act (CCUS Act),' setting a goal to complete small-scale demonstration technology by 2030 and large-scale demonstration technology by 2050.

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