[KH explains] Why Korea has been so quick to adopt ‘global minimum tax’
Mass walkout by trainee doctors nears deadline as health services crippled
Teachers and native English instructors now required to undergo drug testing
[Today’s K-pop] Karina of aespa is dating actor Lee Jae-wook: report
Russia sending North Korea food in return for arms: Seoul defense chief
SK becomes world’s 1st buyer of ‘net-zero oil’By Son Ji-hyoung
Published : March 23, 2022 - 15:29
The affiliates of SK Group, South Korea’s third-largest conglomerate by assets, will use the oil for products including eco-friendly aviation fuel. SK’s purchase of net-zero oil will begin in 2025.
While oil still releases greenhouse gases when it is burned, Occidental calls it net-zero oil because it says it can remove carbon from the atmosphere and keep it isolated in a petroleum reservoir. It would be enough to offset the CO2 emissions throughout the entire crude oil lifecycle, it said.
Occidental plans to inject approximately 100,000 metric tons of captured atmospheric carbon dioxide per year inside its enhanced oil recovery reservoirs in the Permian Basin in Texas, starting 2024.
“We are pleased to be a part of the world’s first carbon emission reduction initiative that is underpinned by processing net-zero oil on a life-cycle analysis basis,” Suh Sok-won, president and chief executive officer of SK Trading International, said in a statement.
SK Innovation and SK Trading International have said they aim to halve carbon emissions by 2030 and become carbon neutral before 2050 under its “Carbon to Green” strategy.
[Herald Interview] Rival heir to Kim Ju-ae unlikely to appear: unification minister
Coupang reports first profitable year
Main opposition wrestles with exodus over nomination spat