By Kim Hyun-bin
Hyundai Oilbank has signed a memorandum of understanding (MOU) with Honeywell UOP to transition-its oil refinery business into a renewable energy system or so-called “RE platform.”
Honeywell UOP possesses the largest number of patents in the energy and petrochemical sector. The signing ceremony was conducted online with Hyundai Oilbank CEO Kang Dal-ho and Honeywell UOP CEO Bryan Glover in attendance.
Hyundai Oilbank has picked blue hydrogen, “white bio” and eco-friendly chemicals as its top three future businesses, which will make up 70 percent of the company’s operating profit by 2030.?Blue hydrogen refers to splitting natural gas into hydrogen and carbon dioxide and capturing and storing the latter, while white bio is replacing materials from the chemical industry with renewables.
“Through technological cooperation with Honeywell UOP, we plan to swiftly transform our factories into RE platforms,” Kang said. “Through it, we aim to find success in our top three future businesses.”
As part of that goal, Hyundai Oilbank aims to use eco-friendly materials and utilities for its oil-refining business to swiftly shift into a renewable energy system.
The company is currently constructing a heavy-feed petrochemical complex (HPC) that can produce a diverse range of eco-friendly chemical products used to make solar panels and materials for electric vehicle components.
For a swift transition, Hyundai Oilbank is considering implementing Honeywell UOP’s hybrid crude oil to chemical technologies.
Honeywell UOP also holds scores of patents in the white bio sector, as Hyundai Oil Bank aims to enter the global bio and aviation fuel market by 2025 and plans to enhance cooperation between them.
In addition, the two firms seeks to boost technological cooperation in other fields, including renewable energy and carbon dioxide capture and utilization.
Honeywell UOP was established in 1914 and has developed original technologies in diverse fields including energy, petrochemicals, white bio and renewable energy.