Kim Byeong-joo from GS Caltex’s project operation bureau, centre, poses with Seo Ji-won from POSCO’s fuel department, left, and Lee Seon-haeng from H-Line Shipping’s management support team after signing a memorandum of understanding to jointly introduce bulk carriers running on marine biofuel to reduce carbon emissions, at GS Tower in southern Seoul, Thursday. Courtesy of GS Caltex, reports korean times.
Three companies
Three companies involved in oil refining, steelmaking and shipbuilding have joined hands to introduce a fleet of ships running on marine biofuel to reduce carbon emissions. A senior official from the Supply and Trading Department at GS Caltex met their counterparts from POSCO and H-Line Shipping to sign a memorandum of understanding at GS Tower in southern Seoul, Thursday, to jointly pursue the project.
New value chain
The agreement reveals a new value chain in the country’s maritime industry under which a marine biofuel provider, a fuel tank maker and a fuel tanker operator cooperate towards carbon emission reduction goals.
New biofuel
Officially termed B30 Bio Marine Fuel, GS Caltex’s new biofuel is a mixture of the company’s heavy oil for vessels and Korean bioenergy developer DS Dansuk’s used cooking oil-based biodiesel for vessels.Made with recyclable waste feedstocks, marine biofuel saves more than 65 percent of carbon emissions compared to traditional fossil fuel-based marine fuel. A new type of marine biofuel made with used cooking oil-based biodiesel can reduce carbon emissions by more than 80 percent.
GS Caltex said Thursday the new tripartite partnership will contribute to the government’s goal of neutralising national carbon emissions by 2050.
This isn’t the first time GS Caltex has applied its new biofuel in practice. On Sept. 15, HMM Tacoma, a 6,400 twenty-foot equivalent unit container ship built by Korean shipbuilder Hyundai Merchant Marine, was topped up with the fuel at Busan New Port before departing for Singapore.
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Source-korean times
