HD Hyundai Oilbank, one of the nation’s top refiners, is ramping up research and development efforts to spur growth as a sustainable energy company.

Based on its business know-how accumulated in its core refinery and petrochemical businesses, the company is making a strategic shift to boost its new growth drivers, including eco-friendly chemicals, materials and energy infrastructure.

Back in 2011, HD Hyundai Oilbank established a central technology institute by integrating R&D teams nationwide. The key mission of the institute is to study hydrogen energy, white biotechnology and carbon capture and utilization.

Its years of research work have also led to many desired outcomes including carbon black production and ultra-low sulphur petrol.

Since last year, the institute has become an organization directly overseen by the company’s CEO. Its study groups have also been named after tasks, such as Hydrogen Energy, Green Materials and Refinery Technology to enhance their specialties.

When it comes to low-carbon green materials, the company has launched several projects, including those for membrane gas separation and eco-friendly solvent.

The company has doubled R&D spending for eco-friendly energy business from 9.5 billion won ($7.1 million) in 2021 to 21.4 billion ($16 million) in 2023. Related patents have surged from two to 26 during the same period.

In January 2022, HD Hyundai Oilbank became the nation's first refiner to acquire international certification for its products using waste plastic pyrolysis oil. It is also working on new recycling technology for waste lubricating oil to build a circular economy.