Asian Stocks Tumble as Oil Surge Fuels Rate Hike Fears 
Apple’s Phil Schiller Steps Back as Leadership Shake-Up Accelerates 
The Realist’s Case: Lukas Kerrebijn of RD Dubai on the Narrative Dubai’s Agents Won’t Question 
US Strikes Iran IRGC Targets as Conflict Escalates 
OpenAI Nears Astra AI Model Launch With Safety Focus 
CIA-Linked Investor Helped Quantum Systems Expand in US 
South Korea Unveils Record $597 Billion 2027 Budget to Boost AI and Chips 
US Tech Giants’ AI Bond Boom Raises Euro Zone Borrowing Risks 
Honda, Nissan Eye Shared Vehicle Software Platform by 2029 
Trump Secures Drug Pricing Deals With Nine Pharma Companies 
Dollar Hits Two-Week High as Iran Conflict Lifts Oil and Bond Yields 
Aon Nears $17 Billion Deal to Buy USI Insurance From KKR 
Japan Bond Yields Top 3% as Inflation, Fiscal Risks Rise 
MediaTek Shares Jump 10% on Nvidia’s $3.5 Billion Investment 
Oil Prices Rise as US-Iran Conflict Threatens Middle East Supply 
Honda Targets $9.4 Billion in Cost Cuts as China EV Competition Intensifies 
Brazil, US Resume Tariff Talks as Trade Tensions Persist 
Add as a preferred source on Google
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.
