Hyundai Oilbank Transforms Refinery into Eco-Friendly Energy Platform
[Asia Economy Reporter Hwang Yoon-joo] On the 27th, Hyundai Oilbank signed a Memorandum of Understanding (MOU) for technological cooperation to transition to an RE platform (eco-friendly energy platform) with Honeywell UOP, the company holding the world's largest number of patents in the energy and petrochemical sectors.
The signing ceremony, held via video conference, was attended by Kang Dal-ho, CEO of Hyundai Oilbank, and Bryan Glover, CEO of Honeywell UOP.
Hyundai Oilbank has selected blue hydrogen, white bio, and eco-friendly chemical and material businesses as its three major future businesses, planning to increase the operating profit ratio of these sectors to 70% by 2030. To this end, the existing refinery will be transformed into an ‘RE platform’ that stably supplies raw materials and eco-friendly utilities (electricity, water, etc.) for future businesses.
Hyundai Oilbank is currently constructing the HPC (Heavy feed Petrochemical Complex), capable of producing various eco-friendly chemical products such as solar panels and electric vehicle separator materials, aiming for commercial operation by the end of this year.
To ensure the successful operation of the HPC, Hyundai Oilbank plans to maximize the production of chemical raw materials such as naphtha instead of petroleum products at the existing refinery and supply them to the HPC. For this purpose, the company is also considering adopting Honeywell UOP’s hybrid COTC (Crude Oil To Chemical) technology.
Honeywell UOP also possesses world-class technology in the white bio sector, including bio jet fuel. Hyundai Oilbank has announced plans to enter related markets such as global bio jet fuel by 2025, and the two companies plan to engage in technological cooperation.
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In addition, the two companies will promote technological cooperation in various fields including ▲ renewable energy ▲ carbon dioxide capture and utilization.
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