Korea Electric Power Corp. (KEPCO), South Korea's state-run power company, said Thursday that it has set up a joint venture with German engineering firm Uhde to carry out environment-friendly power generation projects.
The joint venture named KEPCO-Uhde Inc. will engage in the engineering, licensing, and research and development of such sectors as integrated gasification combined cycle (IGCC) and synthetic natural gas (SNG).
IGCC is a technology that turns coal into gas, while SNG is a mixture of petroleum hydrocarbon gases with properties similar to those of natural gas.
KEPCO has a 66 percent stake in the joint venture, with Uhde holding the rest, according to KEPCO.
KEPCO said it plans to export hybrid IGCC projects by 2018 in cooperation with other local companies.
"We aim to win an order for the project within this year and target annual sales of 1.2 trillion won from 2020," KEPCO said.
IGCC helps electricity plants emit less greenhouse gases, including carbon dioxide, which is expected to be more important in the future as emission regulations tighten amid growing concerns for global warming, KEPCO said.