S. Korea's GS Caltex buys carbon-neutral crude oil

South Korea’s major oil company GS Caltex bought 2 million barrels of carbon-neutral crude oil from Sweden’s Lundin Energy to become the country's first business group to purchase such petroleum products.

GS Caltex is a 50:50 joint venture set up by America’s Chevron and GS Energy.

Lundin’s carbon-neutral crude oil is certified as carbon neutral by the British product testing and certification firm Intertek Group and reportedly emits 40 times less carbon than the typical crude oil.

GS Caltex CEO Hur Sae-hong noted that they chose Lundin’s carbon-neutral crude oil to expand the company’s Environmental, Social, and Corporate Governance agenda.

The company will receive the agreed two million barrels by September.

GS Caltex processes approximately 0.8 million barrels of crude oil daily.