Impact of Iran-Israel conflict on Stocks, Gold and Bitcoin 
Ferrari F1 Announces Multi-Year Partnership with HP as Title Sponsor 
Grand Hyatt Tokyo Teams Up with Pokémon Sleep for a Unique Stay Experience 
What if the Reserve Bank itself has been feeding inflation? An economist explains 
Why is the London Stock Exchange losing out to the US 
Visa's Q2 Earnings Surpass Expectations, Fueled by Consumer Spending 
New EU trade rules could put poor countries in a billion dollar ‘green squeeze’ 
LG Energy Solution to Combat Infringement By Launching Licensing Business for Battery Patents 
Mercedes-Benz to Release Luxury Electric Van in China 
Will global oil supply be at risk if Iran and Israel pull the Middle East into war? 
The idea that US interest rates will stay higher for longer is probably wrong 
Tesla Nears FSD Licensing Deal with Major Automaker, Hits 1.3 Billion Milestone 
Volvo Cars Projects Robust Demand Despite Financial Hiccups in Q1 
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.
