- Corporate News
Hyundai Oilbank and Topsoe collaborate on green energy solutions
South Korea’s Hyundai Oilbank and Denmark’s Haldor Topsoe have signed a memorandum of understanding (MoU) to jointly seek to identify opportunities in the green energy space, including blue and green hydrogen, waste plastic recycling, bio-refinery, eFuels, CCUS (carbon capture, utilization and storage) and other solutions to reduce carbon emissions.
The memorandum of understanding 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 be derived 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.
Developing sustainable and efficient green energy solutions
Under the MoU, the two parties will collaborate on developing sustainable and efficient solutions within a range of green energy solutions.
“We’re very satisfied to support Hyundai Oilbank in their efforts to transform their business model to sustain a green future, and we look forward to further optimizing our green energy technologies together,” says Chokri Mousaoui, executive vice president and head of Green Hydrogen at Topsoe.
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. Headquartered in Seosan, South Korea, the company was established in 1964 as Kukdong Oil Industry Company and later taken over by the Hyundai Group. 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, Topsoe is heavily engaged in developing solutions for decarbonizing hard-to-abate sectors such as steel, cement, chemicals, shipping and aviation.