South Korea’s HD Hyundai Oilbank is transforming from a petroleum and oil refinery company into an eco-friendly energy entity through diversification into other sectors amid volatile external variables such as instability in refining margins, a profit indicator for the oil refining industry.
The company on Tuesday announced its pursuit of green business lines such as the three major eco-friendly future-oriented sectors of blue hydrogen, white biotechnology, and eco-friendly chemicals and materials, recycling of resources and lubricants, and construction of eco-friendly energy infrastructure.
The first task is expansion of the hydrogen ecosystem through the production, storage and use of blue hydrogen. HD Hyundai Oilbank is pursuing strategic business agreements with global corporations to build hydrogen supply infrastructure, in addition to developing hydrogen fuel cells for power generation using blue (clean) hydrogen and an ammonia cracking catalyst for producing the green fuel.
D Hyundai Oilbank is also pursuing as a future growth engine white biotechnology, which uses renewable and eco-friendly resources from plants such as corn and soybeans to produce fuel or chemical products instead of fossil fuels.
In addition, its three-stage bio business roadmap plans the construction of a biodiesel plant, production of next-generation bio jet fuel and entry into the biochemical sector by 2025. The first step is building the state-of-the-art biodiesel facility with annual capacity of 130,000 tons at the company’s Daesan factory in Seosan, South Chungcheong Province, by next year and launching operations.
In addition, the company is developing refining technology for the reuse of waste lubricants and use of recycled plastic materials in containers, accelerating its unit for waste plastic pyrolysis oil, and preparing for the era of a circular economy that efficiently utilizes resources.
Write to Mi-Sun Kang at misunny@hankyung.com
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