HD Hyundai Oilbank on Thursday (12 December) said it has become the first South Korean oil refinery to export ultra-low sulphur biofuel to an overseas shipping company.
The firm said it recently supplied the biofuel to Yang Ming Marine Transport Corporation, a Taiwanese shipping company.
This comes after its first supply of ultra-low sulphur biofuel to a domestic shipping company in July.
The biofuel supplied to Yang Ming was produced based on an ultra-low sulphur heavy oil with a sulphur content of 0.5% or less.
An official from HD Hyundai Oilbank said: “Unlike our competitors, HD Hyundai Oilbank operates multiple logistics bases in Pyeongtaek and Ulsan (and) based on our differentiated logistics competitiveness, we plan to expand our supply to shipping companies in Japan, Singapore, and Europe in the future.”
The biofuel delivery was made possible through a marine biofuel demonstration project that started in September of last year.
This project is aimed at establishing quality standards and performance evaluation standards for bio-ship fuel to support domestic companies’ entry into the global marine biofuel market.
Photo credit: HD Hyundai Oilbank
Published: 16 December, 2024
