Hyundai Oilbank to transition into eco-friendly energy company through new projects

Hyundai Oilbank seeks to become an eco-friendly energy company through two new projects on emission reduction technology that can be applied across the energy system.

The Korean oil company said Tuesday it has been working with DL E&C on two carbon capture and utilization projects to produce construction materials such as cement and concrete with desulfurized gypsum and carbon.

Hyundai Oilbank is also working with Taekyung Industry, a company responsible for 30 percent of the high purity calcium carbonate market, to produce precipitated calcium carbonate by reacting the quicklime materials from desulfurized gypsum with carbon.

The refiner will produce 100 metric tons of the test material and commercialize it after checking the market’s response to the eco-friendly material.

It aims to build a factory to manufacture 170,000 tons of high purity precipitated calcium carbonate a year and 150,000 tons of anhydrous gypsum, a construction material, with 250,000 tons of desulfurized gypsum.

The company targets overseas markets, as the domestic precipitated calcium carbonate market size is only limited to 150,000 tons per year.

Through these two projects, Hyundai Oilbank expects to recycle 500,000 tons of desulfurized gypsum a year and reduce 100,000 tons of carbon emissions.

By Hong Yoo (yoohong@heraldcorp.com)