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POSCO International and GS Caltex were revealed to have signed a deal to get into the biofuel business together. They are aiming to advance in the eco-friendly bio business venture based on palm oil.
As per The Korea Times, POSCO International inked a memorandum of understanding (MOU) with GS Caltex for the joint development of a bio business. The signing was held at the GS Tower on Friday, April 29. The ceremony was also attended by the respective chief executive officers of the companies - POSCO’s Joo Si Bo and GS Caltex’s Hur Sae Hong.
POSCO and GS Caltex also revealed their plans to expand the value chain over time - starting from raw material refining to the production of bioproducts and the next-generation biofuel venture through waste oil recovery.
It was mentioned that with GS Caltex’s expertise in the biofuel division and POSCO International’s competence and proficiency in palm oil procurement, together, they will be able to create a successful business partnership. They can make use of each other’s strong points to boost the added value of palm oil while also contributing to the reduction of greenhouse gas emissions by advancing into the environmentally-friendly bio-industry.
"This MOU is meaningful in that it can contribute to global greenhouse gas reductions by entering the eco-friendly bio business in an era when the importance of realizing carbon neutrality is on the rise," a POSCO official said in a statement.
The Korea Herald reported that under the agreement, POSCO International and GS Caltex are looking to build an extensive biofuel value chain by applying GS Caltex’s manufacturing technology and the latter’s refinery infrastructure.
One of the first steps that the companies will take to realize their goal is to build a biodiesel plant complete with refinery facilities in Indonesia. This complex will pave the way for their joint business to expand further in the future and produce biofuels based on renewable materials.
Finally, they are also planning to carry out Clean Development Mechanism (CDM) projects. As part of this plan, they will produce biofuels and collect waste oil to reduce greenhouse gases.
