Hyundai Oilbank Accelerates Plastic Waste Recycling... First ISCC PLUS Certification

Starting Next Month, Eco-Friendly Naphtha Sales to Petrochemical Companies
Full-Scale Launch of Plastic Waste Utilization and Eco-Friendly Plastic Business

Ko Young-gyu, Vice President and Head of Safety Production Division at Hyundai Oilbank (left), and Lee Soo-yong, CEO of Control Union Korea, pose for a commemorative photo at the ISCC PLUS certification award ceremony held at Hyundai Oilbank Daesan Plant. (Photo by Hyundai Oilbank)

[Asia Economy Reporter Moon Chaeseok] Hyundai Oilbank announced on the 15th that it has acquired ISCC PLUS, an international eco-friendly product certification system, becoming the first domestic refining company to do so. This certification was granted for the process of producing eco-friendly naphtha from pyrolysis oil derived from waste plastics.

Last year, Hyundai Oilbank conducted a pilot study to produce eco-friendly petroleum products by introducing pyrolysis oil from waste plastics into existing refining processes. Starting with the ISCC PLUS certification, Hyundai Oilbank plans to officially launch an eco-friendly plastics business utilizing waste plastics. From next month, it will produce eco-friendly naphtha and supply it as raw material for new plastic products to nearby petrochemical companies.

Joo Young-min, CEO of Hyundai Oilbank, stated, "The waste plastic recycling business is part of ESG (Environmental, Social, and Governance) management and is expected to contribute to reducing carbon emissions and solving domestic waste plastic issues. We will continue to expand our eco-friendly energy business based on our current business competitiveness to establish a foundation for sustainable growth."

Hyundai Oilbank is currently collaborating with a professional consulting firm to conduct a Life Cycle Assessment (LCA) quantifying the carbon reduction effect of eco-friendly products produced from waste plastic pyrolysis oil. Once the LCA is completed, it is expected to objectively demonstrate the circular economy effects of chemical recycling of waste plastics.

ISCC PLUS is an international certification system based on the European Union (EU)'s Circular Economy Action Plan that verifies the use of eco-friendly raw materials. To obtain certification, inspections related to eco-friendliness must be conducted from raw materials through production processes to the final product.

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