Korean Air Unites Forces with Hyundai Oilbank to Establish Bio-aviation Fuel Ecosystem | Be Korea-savvy

Korean Air Unites Forces with Hyundai Oilbank to Establish Bio-aviation Fuel Ecosystem


Planes of South Korea's top carrier Korean Air Lines Co. are parked at Gimpo International Airport in western Seoul on May 26, 2020. (Yonhap)

Planes of South Korea’s top carrier Korean Air Lines Co. are parked at Gimpo International Airport in western Seoul on May 26, 2020. (Yonhap)

SEOUL, July 1 (Korea Bizwire)Korean Air Lines Co., South Korea’s biggest airline, on Wednesday signed a memorandum of understanding with major oil refiner Hyundai Oilbank Co. for the establishment of an eco-friendly aviation fuel ecosystem.

Bio-aviation fuel that is composed of grains, plant material, seaweed or animal fats can reduce carbon emissions by up to 80 percent compared to existing aviation fuels.

The eco-friendly fuel, however, has yet to be commercialized due to its high cost – it is more than three times more expensive than existing aviation fuel – and a shortage of production and refueling infrastructure.

Against this backdrop, the two parties decided to actively cooperate to create and invigorate the domestic ecosystem for manufacturing and using bio-aviation fuel as well as to promote market research and R&D activities in this area.

In 2017, Korean Air operated an aircraft from Chicago to Incheon International Airport using an aviation fuel that was mixed with biofuel extracted from plants, a first among Korean airlines.

M. H. Lee (mhlee@koreabizwire.com)

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