HD Hyundai Oilbank’s efforts to diversify its portfolio are picking up  momentum, as its biofuel business is achieving important milestones to meet  increasingly complex market demands. The refiner said it completed Korea’s first biodiesel plant utilizing  supercritical fluid technology in April, with commercial operations now  underway. The facility aims to produce 130,000 tons of biodiesel annually, a  fuel that significantly reduces greenhouse gas emissions compared to  conventional diesel. The company blends biodiesel into diesel fuel products for the domestic  market to comply with Korea's renewable fuel blending obligations. This  year’s regulation obliges a 4 percent blend, up 0.5 percentage points from a  year earlier, and similar regulations are set to expand in global markets,  prompting the company to set up a dedicated plant for biodiesel. In June, the company became the first Korean refinery to export sustainable  aviation fuel (SAF) produced through co-processing by shipping to Japan.  Co-processing is the simultaneous processing of biogenic feedstocks with  petroleum intermediate products. SAF is considered one of the most viable alternatives to conventional jet  fuel, and refineries across the world are seeing the growth potential of its  market. In August, Korea’s industry ministry and transport ministry unveiled  an SAF expansion strategy to bolster the domestic industry. Building on the momentum, HD Hyundai Oilbank said it is also reviewing  plans to build a dedicated SAF production facility using hydrogenated  vegetable oil in 2027. In July, HD Hyundai Oilbank also succeeded in exporting vessel biofuels  processed in a bonded area in Pyeongtaek, Gyeonggi Province. Shippers can  store their imported goods in bonded area without needing to immediately  pay import taxes and duties. HD Hyundai Oilbank said it is also making efforts in recycling, by reprocessing waste materials such as plastics, used lubricating oils and tires  to produce naphtha, propylene and other products. In March, HD Hyundai Chemical, a subsidiary of HD Hyundai Oilbank,  became the first Korean firm to produce bio-naphtha certified by  International Sustainability & Carbon Certification, by using used cooking oil  and other bio-based raw materials sourced from CJ CheilJedang. (ICE SEOUL)

Fonte notizia: The Korea Times