Hyundai Oilbank continues to put the environment first

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Hyundai Oilbank continues to put the environment first

Hyundai Oilbank’s newly built HPC is expected to become a hub for renewables and clean chemical sources. [HYUNDAI OILBANK]

Hyundai Oilbank’s newly built HPC is expected to become a hub for renewables and clean chemical sources. [HYUNDAI OILBANK]

 
Hyundai Oilbank is launching new environmental businesses in a bid to effectively cut carbon emissions and match growing public sentiment calling for socially responsible business practices.  
 
Hyundai Chemical, a 60-40 joint venture between Hyundai Oilbank and Lotte Chemical, is undergoing changes to foster eco-conscious research and the development of chemical resources.
 
Measuring 660,000 square meters (163 acres) in size, the Heavy Feed Petrochemical Complex (HPC) situated at Hyundai Oilbank’s oil refinery complex in Seosan, South Chungcheong was newly-built in the first half of this year. The complex can produce 850,000 tons of ethylene and 500,000 tons of propylene a year.
 
The HPC project reflects the long-term goal of Hyundai Oilbank to establish the foundations for environmentally friendly chemicals. Hyundai Chemical has an ethylene vinyl acetate, or EVA, production capacity of 300,000 tons, which the company claims to be the largest for a single production line in Korea.  
 
EVA is used in the manufacturing of solar panels, and the company intends to expand its specialty in eco-friendly resources via the HPC project.  
 
Hyundai Oilbank strives to construct an optimal flow recycling plastics through the HPC factory. Hyundai Chemical, Lotte Chemical and LG Household & Health Care signed an MOU to specify the recycling goal on Oct. 17.  
 
The three participants will introduce products made from plastic waste-derived pyrolysis oil. Pyrolysis oil extracted from used plastics displays a high performance in reducing greenhouse gases.  
 
Hyundai Chemical will be responsible for generating eco-friendly plastics from reusable sources. Lotte Chemical will then optimize the plastics into new products that suit the needs of users.  
 
LG Household & Health Care will mass produce environmental containers from the created material and will further expand the component’s application to various containers in the household.  
 
Hyundai Chemical’s valuable technological knowledge in refining oil and processing petrochemicals are expected to enable the recreation of 30 thousand tons of used plastics.  
 
“We are currently considering increasing our manufacturing capacity to 100,000 tons,” said an official at Hyundai Chemical. “We are investing in researching all possibilities of utilizing eco-friendly plastics and aim to further elaborate related businesses in the future.”
 
Hyundai Oilbank has confirmed its road map for the bioplastic business and moved on to product manufacturing.  
 
The company has signed an MOU with Danimer Scientific to strengthen its bioplastic business. The agreement includes a range of collaborative practices from exploitation, research and marketing bioplastics to responding to client needs and investment agreements on manufacturing equipment.  
 
Specific plans include running pilot plants by 2024 and activating commercial plants by 2030 to effectively engage in market sales.  
 
“Regardless of the difficulties in discarding plastic remnants, the material’s usage is constantly growing,” said an official from Hyundai Oilbank. “Conventionally wide-used plastics can be substituted into biodegradable plastics, considering the environmental impact.”
 
Hyundai Oilbank published an annual business report on its lucrative achievements as well as its efforts for environmental, social and governance led business models in July last year.  
 
Under the company’s ESG slogan, “A cleaner future made from renewable energy,” the report addressed the company’s activities and business strategies on three categories: Environment, society, and management structure.
 
The report announces Hyundai Oilbank’s vision and insight for future activities, as well as displaying the company’s specific achievements and plans for sustainable business models. It also incorporates details on safety and navigates readers through the various efforts made to establish an optimal environment for both workers and customers.
 
In particular, the report contains the company’s innovations for blue hydrogen and white biochemical, which displays the shift toward an environmental petrochemical plant while maintaining its grounds as a petroleum industry company.
 

BY LEE HYEIN [lee.hyein@joongang.co.kr]
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