EcoMethanol has signed a landmark five-party agreement with Taebaek City, Hyundai Corporation, Wallenius Wilhelmsen, and EUKOR Car Carriers to establish South Korea’s first domestic green methanol production plant. Backed by a KRW 120 billion investment, the facility will utilize local forestry residues and dual-fluidized-bed gasification to produce 15,000 tons annually starting in 2029. This strategic alliance successfully creates an unbroken domestic value chain that breaks South Korea‘s reliance on imported marine biofuels while fueling global fleet decarbonization.
Seoul, South Korea | August 26, 2026 – Five distinct stakeholders. One unbroken, localized value chain. When executives from EcoMethanol, Taebaek City, Hyundai Corporation, Wallenius Wilhelmsen Ocean, and EUKOR Car Carriers gathered at EUKOR’s Seoul headquarters, they did more than sign a routine memorandum of understanding. They laid the operational foundation for South Korea’s first domestic green methanol bunker supply.
As John Kyung, Chief Executive Officer of Plagen and its special-purpose vehicle EcoMethanol, noted following the August 26 signing: “Five parties. One chain. Producer, trader, and two of the world’s major vehicle carriers.”
The Anatomy of the Alliance
The landmark agreement successfully bridges a disconnect that has long plagued South Korea’s maritime sector. Despite aggressive fleet decarbonization and the rapid adoption of methanol dual-fuel ships by operators like EUKOR, highlighted by recent milestone bunker stems taken in Shanghai, South Korea has lacked domestic production capacity, forcing shipowners to rely entirely on imported alternative fuels.
The new alliance solves this structural gap by locking in an end-to-end ecosystem before a shovel hits the ground:
- The Producer: EcoMethanol anchors the supply side through a KRW 120 billion investment in a 15,000-ton-per-year green methanol facility at the Dongjeom Industrial Complex in Taebaek City. The plant will utilize dual-fluidized-bed (DFB) gasification to convert locally gathered forestry residues into clean marine fuel.
- The Regional Partner: Taebaek City participates directly as an equity co-investor, providing critical administrative backing as the region transitions from its historical identity as a coal-mining hub into a vital clean-energy sanctuary.
- The Commercial Trader: Hyundai Corporation acts as the vital off-take conduit, purchasing the green methanol output and managing its distribution flow.
- The Global End-Users: Wallenius Wilhelmsen Ocean and EUKOR Car Carriers secure guaranteed domestic volumes of low-carbon fuel, directly feeding their deep-sea PCTC fleets to meet tightening compliance mandates under EU ETS, FuelEU Maritime, and IMO frameworks.
Setting the Timeline
With basic engineering designs completed, site acquisitions finalized, and integrated environmental permits already secured from the Ministry of Environment, the project is moving swiftly from paper to reality.
Physical construction at the Taebaek site is scheduled to kick off in December 2026, with commercial production targeted to come online by January 2029. As regulatory pressures mount and global shipping races to secure clean corridors, this Seoul-forged pact provides a clear blueprint for how regional upcycling and tier-one maritime logistics can successfully intersect.
About Plagen and EcoMethanol
Plagen Co., Ltd. is a South Korean clean energy technology and engineering firm specializing in biomass gasification for the production of low-carbon and green methanol. Led by Chief Executive Officer John Kyung, the company has emerged as a central catalyst in reshaping South Korea’s domestic energy landscape and maritime supply chain.
EcoMethanol Co., Ltd. is a special-purpose vehicle (SPV) established by Plagen to spearhead its flagship commercial production facility in Taebaek City, Gangwon State.
Key aspects defining Plagen and EcoMethanol’s market role include:
- The Taebaek Flagship Project: EcoMethanol is leading a KRW 120 billion investment to construct South Korea’s first commercial-scale domestic green methanol plant within Taebaek’s Dongjeom Industrial Complex. The facility is engineered to yield 15,000 tons of green methanol annually, with construction slated for December 2026 and commercial operations targeting January 2029.
- Technology & Feedstock: Plagen’s core technical differentiator lies in its use of dual-fluidized-bed (DFB) gasification. This process transforms locally collected forestry residues and wood waste, abundant in regional, mountainous former coal-mining hubs, into high-grade synthesis gas, which is then refined into green marine fuel.
- Industrial & Regional Transformation: The initiative serves a dual purpose: providing an industrial second act for Taebaek following the closure of its historic coal mines (such as the Jangseong Colliery) while helping South Korea shake off its total reliance on imported, fossil-derived, or foreign-sourced green methanol.
- Commercial Integration: Through strategic alliances, such as the recent five-party pact involving Hyundai Corporation, Wallenius Wilhelmsen, and EUKOR Car Carriers, Plagen and EcoMethanol are effectively bridging the gap between regional biomass upcycling and the bunker tanks of the world’s largest deep-sea vehicle carriers.
Source: Plagen