Haldor Topsoe and Hyundai Oilbank have signed a Memorandum of Understanding (MOU) under which the two companies will sign MOU Hyundai Oilbank and Topsoe will jointly seek to identify opportunities within blue and green hydrogen, waste plastic recycling, bio-refinery, eFuels, CCUS (carbon capture, utilization and storage) and other solutions to reduce carbon emissions.

Hyundai Oilbank refines 520,000 barrels of oil a day and supplies oil products and services through 2,500 gas stations in Korea. Notably, Hyundai Oilbank has completed the vertical integration in the petrochemical aromatic business from crude oil to BTX. Hyundai Oilbank seeks to be a comprehensive energy company by expanding its business portfolio into oil storage, base materials and lube base oil.

The Memorandum of Understanding (MoU) will support Topsoe in further optimizing its clean energy technologies and potentially enable Hyundai Oilbank to increase its low-carbon business and meet the company’s target that 70% of total profit should derive from eco-friendly business by 2030.

Topsoe develops cutting-edge technologies within green hydrogen, green ammonia, eMethanol, and eFuels. Hyundai Oilbank has started a transformation of its production to significantly reduce carbon emissions in its customer offerings.