'San-dan Neighbors' Hyundai Oilbank and Hanwha Total Collaborate on Material Management and Procurement

Jung Haewon, Plant Manager of Hyundai Oilbank (right), and Kim Hyungjun, Plant Manager of Hanwha Total, are taking a commemorative photo after signing an MOU for mutual cooperation in material operation tasks.

[Asia Economy Reporter Kim Hyewon] Hanwha Total and Hyundai Oilbank announced on the 28th that they signed a Memorandum of Understanding (MOU) for mutual cooperation in materials operation at Hanwha Total's Daesan Plant in Seosan-si, Chungnam. The signing ceremony was attended by Jung Haewon, Hyundai Oilbank Plant Manager, and Kim Hyungjun, Hanwha Total Plant Manager, among others.

Through this MOU, both companies will jointly carry out key materials management and procurement tasks. The goal is to enable urgent procurement of materials and maximize storage efficiency. To this end, approximately 430 common-use materials such as piping and bearings that meet standard specifications were selected as shared items.

If the shared items are insufficient, instead of purchasing externally, the other company's inventory can be immediately used. A Hyundai Oilbank official explained, "The procurement period will be shortened by about 3 to 10 days compared to direct purchasing."

To facilitate smooth materials sharing, a joint management system that allows real-time inventory inquiry and shipment via mobile is also being prepared. In the long term, the plan is to significantly expand the shared items with the goal of reducing each company's materials operation scale by up to 30% and increasing space operation efficiency by up to 20%.

Plant Manager Jung said, "This cooperation will greatly improve both companies' emergency response capabilities and inventory management efficiency," adding, "We also expect participation from other companies in the Daesan Petrochemical Complex in the future."

This content was produced with the assistance of AI translation services.