The South Korean Gas Corporation (KOGAS), a major gas supplier in the country, said on Sunday it plans to spend 4.7 trillion won (4.01 billion dollars) on the construction of hydrogen production facilities for the 2030. According to the plan, KOGAS will build 25 facilities that produce hydrogen and pipelines totaling 700 kilometers to transport the gas. By 2030, KOGAS expects 1.73 million tons of hydrogen to be supplied annually.
The state gas supplier said that the demand for hydrogen in the country will reach 1.94 million tons per year by 2030 and 5.26 million tons by 2040. KOGAS said that by increasing production, hydrogen prices will probably fall to 4,500 won ($ 3.8) per kilogram from the current range of 6,500 won ($ 5.9) to 7,500 won ($ 6.4).