Equinor declares intention to invest several hundred billion won in South Korea

Norwegian state-owned energy company Equinor announced on the 21st that it will invest several hundred billion won in Korea. The investment declaration ceremony took place in Paris, France at 11 a.m. local time on June 21st, in the presence of President Yoon Seok-yeol, Senior Presidential Secretary for Economic Affairs Choi Sang-mok and Minister Lee Chang-yang of the Ministry of Trade, Industry, and Energy. Equinor was represented by Jon Erik Reinhardsen, Chairman of the Board, who delivered the investment declaration on behalf of the company. Equinor's investment intention was announced during President Yoon Seok-yeol's attendance at the general assembly of Bureau International des Expositions (BIE) in Paris.

With Equinor's significant investment in South Korea, the company plans to accelerate offshore wind projects currently under development. This investment is expected to contribute to achieving South Korea's carbon neutrality goals. Additionally, Equinor aims to enhance collaboration with Korean companies and government agencies across the energy sector, including other low carbon technologies. Currently, Equinor is developing the Bandibuli/Firefly floating wind farm and the Donghae1 floating wind farm off the coast of Ulsan, as well as pursuing offshore wind project near Chuja island.

“Korea is a key country for us in the Asia-Pacific region, and this investment declaration reinforces our commitment to the Korean market. As an international leader in offshore wind, we are dedicated to realizing the Korean Government's energy renaissance plan, and looking forward to working with the Korean Government, Korean partners and suppliers as well as local communities to make these projects become a reality,” said Bjørn Inge Braathen, South Korea Country Manager for Equinor.