Hyundai Oilbank and Topsoe will jointly seek to identify opportunities within blue and green hydrogen, waste plastic recycling, bio-refinery, eFuels, CCUS (carbon capture, utilization and storage) and other solutions to reduce carbon emissions, according to the company's release.
The Memorandum of Understanding (MoU) will support Topsoe in further optimizing its clean energy technologies and potentially enable Hyundai Oilbank to increase its low-carbon business and meet the company’s target that 70% of total profit should derive from eco-friendly business by 2030.
Both Topsoe and Hyundai Oilbank strive to mitigate climate change. Topsoe develops cutting-edge technologies within green hydrogen, green ammonia, eMethanol, and eFuels. Hyundai Oilbank has started a transformation of its production to significantly reduce carbon emissions in its customer offerings.
Under the MoU, the two parties will collaborate on developing sustainable and efficient solutions within a range of green energy solutions.
About Hyundai Oilbank
Hyundai Oilbank refines 520,000 barrels of oil a day and supplies oil products and services through 2,500 gas stations nationwide. Notably, Hyundai Oilbank has completed the vertical integration in the petrochemical aromatic business from crude oil to BTX. Hyundai Oilbank seeks to be a comprehensive energy company by expanding its business portfolio into oil storage, base materials and lube base oil.
About Haldor Topsoe
Topsoe aims to be recognized as the global leader in carbon emission reduction technologies by 2024. As a world leader in electrolyzers, catalysts, and technology, the company is heavily engaged in developing solutions for decarbonizing hard-to-abate sectors such as steel, cement, chemicals, shipping and aviation.