HD Hyundai Oilbank is transforming into a 'sustainable energy company' through continuous research and development (R&D). The company plans to expand and transition its existing refining and petrochemical business expertise and facilities into future businesses.
To this end, HD Hyundai Oilbank is promoting various eco-friendly new businesses, including future sectors such as white bio, circular economy, eco-friendly chemicals, and materials, as well as resource and lubricant recycling and the establishment of eco-friendly energy infrastructure.
In 2011, HD Hyundai Oilbank established the Central Technology Research Institute by integrating scattered technology development functions in Daesan and Seoul to build core technologies and discover solutions. The Central Technology Research Institute conducts research to strengthen competitiveness in the existing refining business, as well as studies related to future businesses such as hydrogen energy, white bio, and CCU (carbon capture and utilization). Major research projects are systematically pursued by setting short- and mid-term roadmaps and long-term roadmaps.
Since its establishment, the Central Technology Research Institute has achieved various R&D results through active activities, including the development of carbon black, ultra-low sulfur marine fuel production technology, diesel desulfurization catalysts, and improvements in petroleum product productivity.
HD Hyundai Oilbank is strengthening the role of the Central Technology Research Institute through continuous organizational restructuring. Following the reorganization of the Central Technology Research Institute as a direct organization under the CEO in 2023, the research group names were changed to task units: ▲Hydrogen Energy ▲Green Materials ▲Refinery Technology, enhancing the expertise and driving force of research projects.
The Hydrogen research group is responsible for ▲high-performance membranes ▲PEM electrolyte membranes ▲ammonia decomposition catalysts; the Green Materials research group focuses on ▲carbon dioxide capture and utilization technology ▲development of eco-friendly petrochemical products; and the Refinery Technology research group handles ▲next-generation synthetic fuels ▲bio marine fuels ▲thermal decomposition oil production technology development.
New projects for eco-friendly material development, such as gas separation membranes and eco-friendly solvent projects, thermal decomposition oil, and next-generation synthetic fuel oil development projects, have been established to advance research on eco-friendly low-carbon fuels. Existing projects like high-performance membranes, electrolyte membranes, and bio marine fuels will continue to be actively researched and developed.
HD Hyundai Oilbank is also increasing its R&D expenditure for eco-friendly future energy businesses. The R&D budget rose from 9.5 billion KRW in 2021 to 21.4 billion KRW in 2023, more than doubling. The cumulative number of eco-friendly patents increased significantly from 2 in 2021 to 26 in 2023.
Meanwhile, in January 2022, HD Hyundai Oilbank became the first domestic refining company to obtain ISCC PLUS, an international eco-friendly product certification system, for products based on pyrolysis oil from waste plastics. Additionally, research is underway on waste lubricant oil recycling technology that refines discarded engine oil into products to contribute to building a circular economy.
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