IMF Deputy Dan Katz Visits China as Key Economic Review Nears 
Australia’s Economic Growth Slows in Q3 Despite Strong Investment Activity 
IKEA Launches First New Zealand Store, Marking Expansion Into Its 64th Global Market 
UPS MD-11 Crash Prompts Families to Prepare Wrongful Death Lawsuit 
Asian Markets Mixed as Fed Rate Cut Bets Grow and Japan’s Nikkei Leads Gains 
BOJ Governor Ueda Highlights Uncertainty Over Future Interest Rate Hikes 
Oil Prices Rise as Ukraine Targets Russian Energy Infrastructure 
Citi Sets Bullish 2026 Target for STOXX 600 as Fiscal Support and Monetary Easing Boost Outlook 
OpenAI Moves to Acquire Neptune as It Expands AI Training Capabilities 
Dollar Slides to Five-Week Low as Asian Stocks Struggle and Markets Bet on Fed Rate Cut 
Tesla Expands Affordable Model 3 Lineup in Europe to Boost EV Demand 
China Urged to Prioritize Economy Over Territorial Ambitions, Says Taiwan’s President Lai 
ExxonMobil to Shut Older Singapore Steam Cracker Amid Global Petrochemical Downturn 
Japan’s Nikkei Drops as Markets Await Key U.S. Inflation Data 
Sam Altman Reportedly Explored Funding for Rocket Venture in Potential Challenge to SpaceX 
IKEA Expands U.S. Manufacturing Amid Rising Tariffs and Supply Chain Strategy Shift 
Hyundai Oilbank and Lotte Confectionery have partnered to engage in the production of biodiesel using disposed oil products. The South Korean petroleum and refinery company based in Seosan, South Korea, announced its new deal with the Seoul-headquartered confectionery firm on Monday, Aug. 1.
Korea Joongang Daily reported that through the signed deal, Lotte Confectionery would supply Hyundai Oilbank with by-products that were produced during the food manufacturing process in its plants. These are mostly used as cooking oil since the company makes snacks and other food items.
The collected oil will be processed by Hyundai Oilbank and will be used as feedstock for biodiesel. The companies are also said to be mulling entering a joint venture agreement for overseas expansion plans as well as raw material procurement business. Part of the plan is to further widen their cooperation to other business areas outside of feedstock procurement.
With the partnership, Lotte Confectionery will be delivering its used oil products to Hyundai Oilbank’s factory. Its biodiesel production facility is said to measure 10,000 square meters or around 107,639 square feet, and it sits in its Daesan plant located in Seosan, South Chungcheong.
The facility is the first stage of Hyundai Oilbank’s in its biofuel business expansion. The new biodiesel production plant is expected to be completed some time in 2023. The plant has a capacity to produce 130,000 tons of biodiesel per year.
“HD Hyundai and Lotte Group have been strengthening the partnership with each other through Hyundai Chemical, a joint petrochemicals company between Hyundai Oilbank and Lotte Chemical,” Hyundai Oilbank’s head of global business, Lee Seung Soo, said in a statement.
The executive added, “We expect this collaboration to mark another starting point for the two companies to explore new opportunities for joint businesses, taking it a step further from a simple business transaction.”
Meanwhile, Aju Business Daily reported that Hyundai Oilbank and Lotte Confectionery have signed the MOU or memorandum of understanding at Hyundai Oilbank’s office in Jung District in Seoul. The signing ceremony was also attended by the former’s chief executive officer, Chu Young Min and Lotte Confectiomery’s marketing and e-commerce head, Lee Jin Sung.
