Apple Q2 2026 Earnings Surge as iPhone 17 Sales Drive Record Revenue 
TSMC Exits Arm Holdings with $231 Million Share Sale Amid Strategic Portfolio Shift 
Standard Chartered Q1 Profit Hits Record on Wealth and Investment Banking Growth 
Tokyo Inflation Slows Despite Energy Pressures and BOJ Policy Outlook 
China’s Ultra-Cheap EV Boom: Why Electric Cars Cost Far Less Than in the U.S. 
Meta Raises 2026 Capex Outlook Amid AI Spending Surge, Shares Drop After Earnings 
Alphabet Earnings Surge on AI Growth, Cloud Revenue, and Strong Search Performance 
US-Iran Conflict Escalates Amid Oil Blockade and Rising Global Tensions 
EU Warns of Response as U.S. Considers 25% Tariffs on Car Imports 
Oil Prices Fall as Iran Proposes New Deal Amid Ongoing U.S. Tensions 
Air Liquide Q1 Revenue Misses Estimates Amid Currency and Energy Headwinds 
US Stock Futures Mixed as Fed Holds Rates, Oil Prices Surge, and Big Tech Earnings Drive Market Moves 
Markets Stay Strong Despite Oil Shock Concerns as Earnings Drive Investor Confidence 
U.S. Cybersecurity Pushes Faster Patch Deadlines Amid Rising AI-Driven Threats 
China Manufacturing PMI Beats Forecasts in April Amid Weak Domestic Demand 
Amazon Stock Dips Despite Record Earnings as AI Infrastructure Spending Surges 
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.
