Hyundai Oilbank CEO Kang Dal-ho (left) and Honeywell UOP CEO Bryan Glover sign a partnership agreement on Tuesday in this screen capture image from Hyundai Oilbank. The signing took place online, with Kang in Seoul and Glover in Houston. (Hyundai Oilbank)
Hyundai Oilbank said Tuesday that it has partnered with Honeywell UOP, one of the world’s leading technology licensing firms, to repurpose its oil refineries as renewable energy platforms where vital ingredients for solar panels and electric vehicle batteries will be produced.
Under the agreement, Honeywell’s crude oil-to-chemical technology will allow Hyundai Oilbank facilities to convert crude oil into high-value chemical products instead of traditional transportation fuels. These premium products will be supplied to the company’s new petrochemical complex and be used to manufacture ethylene vinyl acetate and high-density polyethylene -- key materials for solar panels and EV battery separators, respectively.
“The new plant, set for commercial operation at the end of this year, will be supplied with electricity generated by liquefied natural gas. Also, Hyundai Oilbank and Honeywell will seek further partnership in carbon capture technologies,” a Hyundai Oilbank official said.
By 2030, Hyundai Oilbank aims to generate 70 percent of its operating profit from three future growth engines -- blue hydrogen, white bio, and eco-friendly chemicals and materials. Blue hydrogen refers to hydrogen produced from natural gas, and white bio involves replacing materials from the chemicals industry with renewables such as plants, microorganisms and enzymes.
By Kim Byung-wook (firstname.lastname@example.org