NEWS

▶South Korea’s first oil refinery to export the product through Japanese trading company Marubeni
▶The first case of Japan importing sustainable aviation fuel from South Korea… The company to expand exports to Europe and other countries

HD Hyundai Oilbank (CEO Chu Young-min) announced on June 17 that it would begin exporting sustainable aviation fuel (SAF) as the first such instance in South Korea.

SAF produced by HD Hyundai Oilbank will be supplied to Marubeni, a Japanese trading company, and will be used by ANA Airlines (All Nippon Airways). This is the first time that Japan has imported SAF from South Korea. Korea National Oil Corporation (KNOC) participates in this project by storing at and shipping SAF from its tank terminals.

SAF is an eco-friendly fuel produced from bio-based raw materials such as waste cooking oil rather than fossil fuels, and is considered the most effective way to reduce carbon emissions in the aviation industry. The product produced this time involves a co-processing method in which petroleum-based raw materials and animal and plant-based bio raw materials are inputted together into HD Hyundai Oilbank's existing oil refining facilities.

Meanwhile, in accordance with the International Civil Aviation Organization (ICAO)'s carbon emissions reduction goal, the Japanese government has announced a policy to replace 10% of aviation fuel demand with SAF by 2030. HD Hyundai Oilbank plans to actively attack the market in preparation for increased demand for SAF not only in Japan but also in Europe.

Park Jin-hyuk, Managing Director of HD Hyundai Oilbank’s Global Business Division, said, “As global demand is increasing, we will secure leadership in the global market for sustainable aviation fuel through active exports.” He added, “We will also expand exports of co-processing biofuels such as bio-naphtha and bio-diesel.”