SL Energy (formerly SL Bionics) announced on the 20th that it has obtained manufacturing permits for bio heavy oil from the Ministry of Trade, Industry and Energy.
The company stated, “Through the expansion of the new bio heavy oil market, we have laid the foundation for mid- to long-term growth as a renewable energy specialized company.”
SL Energy, which entered the energy business by acquiring Woosung Industry, an eco-friendly fuel company, plans to transform into an energy specialized company that has entered the renewable energy market by obtaining bio heavy oil permits following its industrial fuel ‘WS B-C oil’ business.
WS B-C oil is produced through a vacuum distillation process using PFO (Pyrolysis Fuel Oil), a heavy component byproduct generated during the production of petroleum such as naphtha from crude oil distillation.
Bio heavy oil is an eco-friendly fuel mainly made from raw materials extracted from palm fruit, animal and vegetable oils, and byproducts of biodiesel processes. It emits almost no sulfur oxides, which are considered major causes of fine dust, reducing fine dust by 28%, nitrogen oxides by 39%, and greenhouse gases by about 85% compared to conventional heavy oil. It is used as an alternative fuel to conventional bunker-C oil and has gradually expanded its market into biodiesel, bio marine fuel, and more.
In particular, the company stated that obtaining the bio heavy oil permit is the first case in the industry to possess the capability to simultaneously manufacture petroleum-refined products and animal and vegetable bio heavy oil. This is explained as having established a foundation to expand the mid- to long-term market in the existing industrial and power plant fuel oil markets and secure competitiveness.
An SL Energy official said, “Our performance in the first quarter of this year recorded sales of 19.1 billion KRW and an operating profit of 800 million KRW, turning operating profit positive. We are striving to improve management efficiency and financial soundness,” adding, “We will grow into a sustainable company through the growth of our ongoing eco-friendly energy business.”
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