SEOUL, May 11 (Korea Bizwire) — A major oil refiner in South Korea will commercialize eco-friendly technology that manufactures calcium carbonate, which is a raw material for building materials and paper, with greenhouse gases generated during the crude oil refining process.
Hyundai Oilbank Co. said Sunday it had recently signed a memorandum of understanding with local lime maker Taekyung BK Co. to commercialize its calcium carbonate manufacturing technology.
Both companies explained that they plan to commercialize the world’s first technology to manufacture calcium carbonate from greenhouse gases and by-products from the crude oil refining process.
Calcium carbonate is a raw material widely used in the manufacturing of cement, paper, plastic and glass.
Taekyung BK has already developed technology that can be used to manufacture calcium carbonate using greenhouse gases.
By the second half of 2021, the two companies plan to invest 30 billion won (US$24.6 million) to complete a carbonate production process with an output of 600,000 tons annually at Hyundai Oilbank’s Daesan plant in in South Chungcheong Province.
The two companies will complete the test and process design through technical cooperation by the end of this year.
Hyundai Oilbank expected its annual operating profits to improve by 10 billion won through sales of manufactured calcium carbonate and greenhouse gas reduction.
The new technology also means a differentiated eco-friendly technology that allows for the manufacturing of products using greenhouse gases, the main culprit of environmental pollution, the company explained.
It also expected that the cost competitiveness of calcium carbonate made using greenhouse gases will be better than calcium carbonate made of limestone mined in nature, enabling technology sales to foreign refiners and other businesses.
“The business model is more advanced than the existing method in that it is used as a raw material for high value-added products, going beyond oil refiners’ efforts to reduce greenhouse gas emissions,” an official at Hyundai Oilbank said.
M. H. Lee (email@example.com)