Danseok Industry Achieves 24,000 Tons of Biodiesel Exports in Q1

Global resource circulation leading company Danseok Industry (CEOs Seungwook Han and Jongwan Kim) announced on the 24th that it achieved biodiesel export volume of 24,000 tons in the first quarter.

This first-quarter sales performance was made possible by proactively securing customers in the United States and the EU, global leaders in carbon neutrality, and selling products to them. Additionally, Danseok Industry has already secured orders for 39,000 tons through the first half of this year and is expected to continue strong sales momentum this year, as it achieved approximately 140,000 tons of biodiesel exports last year.

Danseok Industry succeeded in exporting biodiesel for the first time in 2012 and achieved a 71% share of South Korea’s total biodiesel exports as of last year. The total biodiesel export value last year was $350 million, of which Danseok Industry’s export value reached $248 million, maintaining the number one export share steadily since 2017.

The solid export growth of Danseok Industry is attributed to acquiring overseas certifications such as EU-ISCC, US LCFS, and the Environmental Protection Agency (EPA). By proactively obtaining overseas certifications, the company enhanced product reliability and pioneered overseas sales channels early, enabling simultaneous exports to the US and EU, unique in Korea. Danseok Industry sells more than 50% of the biodiesel it produces to major refineries in the US and Europe at an average monthly volume of 10,000 tons, securing a stable export market.

Since its establishment in 1965, Danseok Industry has been engaged in bioenergy (biodiesel/bio heavy oil), metal materials (recycled fuel), and precision materials (PVC stabilizers, etc.). In particular, the bioenergy business, which uses low-grade oil by-products such as waste cooking oil, beef tallow, and fish oil as main raw materials, is showing high growth in line with the globally spreading circular economy and global carbon neutrality trends. Currently, the demand for vehicle biodiesel, including in the US, Europe, and domestically, is growing at an average annual rate of 2.5%, and future demand is expected to become more active due to the increase in the Renewable Fuel Standard (RFS) blending mandate ratio.

Danseok Industry is pursuing multifaceted measures for sustainable eco-friendly resource circulation. Sustainability and traceability verification of waste raw materials in the bioenergy industry are emerging issues, especially in developed countries. Accordingly, Danseok Industry has introduced an IT tracking system to enhance the reliability and transparency of the raw material supply chain, including waste cooking oil. In addition, the company is investing in future new businesses, such as establishing a pretreatment plant for supplying raw materials for hydrotreated vegetable oil (HVO) biodiesel, targeting the second half of 2024.

Seungwook Han, CEO of Danseok Industry, stated, “Biodiesel is an eco-friendly renewable energy that meets global quality standards, and Danseok Industry aims to lead the market through transparent and efficient supply chain management and continuous R&D,” adding, “We will expand our resource circulation business portfolio by complying with strengthened overseas certifications, expanding export markets, and scaling up bio marine fuel, HVO production, and bio aviation fuel businesses.”

Meanwhile, the biodiesel exported by Danseok Industry over the past decade has reduced approximately 2.38 million tons of global greenhouse gases, equivalent to the annual greenhouse gas emissions of 510,000 passenger cars.