Asia/Pacific News
Korean Refiner Exports Bio-bunker Fuel to Int'l Shipper
Thursday December 12, 2024
Korean oil refiner HD Hyundai Oilbank has exported ultra-lw sulfur bio marine oil to a Taiwanese shipping line, the first time the fuel has gone to an international company.
The refiner signalled its intention to start exporting the low-carbon bunker fuel in July. Its first supply of the bio-bunker fuel was to a domestic shipping firm.
The next shipment recently supplied went to Yang Ming Marine Transport Corporation, according to local news provider the Korean Post.
The refiner has eyes on gaining market share in the bio-marine fuel market segment.
Research has shown that the global bio-marine fuel market could be worth $8 billion by 2034, which is double its current value, according to the report.
