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Hyundai Heavy Industries Group has developed with the state-run Korea National Oil Corp. (KNOC) an offshore platform to store carbon dioxide under the ocean floor.
DNV, a Norwegian ship quality assurance and risk management company, have given an approval in principle (AIP) to the offshore platform of Hyundai Heavy's two affiliates, Korea Shipbuilding & Offshore Engineering Co. (KSOE) and KSOE's subsidiary Hyundai Heavy Industries Co.,
The AIP means a certification agency has reviewed its basic design and confirmed that it meets the agency's technical requirements and standards for safety.
The platform can store carbon dioxide that is captured and liquefied on land under the ocean floor after being transported via vessels or pipelines.
The three companies developed the platform aiming to store 400,000 tons of carbon dioxide annually under the ocean floor of the country's first-ever gas field for 30 years beginning in 2025.
The offshore gas field off the coast of the city of Ulsan started producing natural gas in 2004 and will be closed at the end of this year.
