Hyundai Oilbank to launch new brand for oil with less sulfur
By Cho Chung-un
South Korea’s major oil refiner Hyundai Oilbank said Thursday it plans to launch a new brand of its very-low sulfur fuel oil to target the growing demand in the maritime industry.
Tentatively named Hyundai Star, the company touts the brand’s unique manufacturing process developed as a solution to IMO 2020 guidelines.
The new International Maritime Organization Low Sulphur Regulation -- to be effective from Jan. 1 -- requires all shipping companies to reduce their sulfur emissions by 85 percent. Among other guidelines, it has suggested the use of very-low sulfur fuel oil -- with 0.5 percent sulfur -- for all fleets.
The oil refiner has developed and patented the original manufacturing process that completely eliminates impurities from treated atmospheric residue, such as asphaltenes, in use of supercritical solvent. Substance like asphaltenes are a major cause of engine failure as they form clots, the company said.
The company is currently capable of producing up to 50,000 barrels of very-low sulfur fuel oil a day at its plant in Daesan, South Chungcheong Province.
It also plans to hold a series of marketing events to promote its new product to major clients from shipping and marine transport service industries.
An image of outdoor advertisement of Hyundai Star (Hyundai Oilbank)