Reborn as Eco-Friendly New Vinyl Through Pyrolysis Oil Process
Supplied Nationwide to Hyundai Department Store... "Expanding Circular Economy Business"
HD Hyundai Oilbank announced on the 21st that it has signed a 'Plastic Circular Economy Establishment Business Agreement' with Hyundai Department Store.
Hyundai Department Store collects 1,000 tons of waste vinyl, which HD Hyundai Oilbank then inputs into the pyrolysis oil process to produce eco-friendly materials. These eco-friendly materials are reborn as new vinyl and supplied to Hyundai Department Stores nationwide.
HD Hyundai Oilbank secures pyrolysis oil raw materials stably from Hyundai Department Store to produce eco-friendly materials, while Hyundai Department Store contributes to building a circular economy system by recycling waste vinyl.
Joo Young-min, CEO of HD Hyundai Oilbank (left), and Jung Ji-young, President of Hyundai Department Store, attending the business agreement for establishing a plastic circular economy. [Photo by HD Hyundai Oilbank]
Joo Young-min, CEO of HD Hyundai Oilbank, said, "We will continuously increase the amount of waste vinyl collected to take the lead in reducing waste," adding, "We also plan to expand the circular economy business area further by dedicating company-wide capabilities to recycling businesses for waste tires, waste cooking oil, and waste plastics."
In January 2022, HD Hyundai Oilbank became the first domestic oil refining company to obtain ISCC PLUS, an international eco-friendly product certification system, for products using pyrolysis oil derived from waste plastics as raw materials. The company sells naphtha based on waste plastic pyrolysis oil to nearby petrochemical companies and the global market. Last year, it participated in the 'Korean-style BlackCycle' consortium to establish a waste tire circular economy model together with Hankook Tire.
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