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Biz News Korea(Eng)
GS Caltex, POSCO International collaborate on Indonesian biomaterial plant
- Collected
- 2023.10.13
- Distributed
- 2023.10.14
- Source
- Go Direct
![[Courtesy of GS Caltex]](https://pulsenews.co.kr///file.mk.co.kr/meet/neds/2023/10/image_readtop_2023_783377_16971692715661103.jpeg)
[Courtesy of GS Caltex]
GS Caltex said on Thursday it held a signing ceremony for a joint investment in the bio raw material refining business with POSCO International in Seoul, with GS Caltex Chief Executive Officer Hur Sae-hong and POSCO International CEO Jeong Tak in attendance.
The two companies plan to establish a joint venture in Kalimantan, Indonesia, to build the bio raw material refining facility, with a total investment of 260 billion won ($193 million). Construction of the refining facility will begin in early 2024 and the refining facility is expected to begin commercial operations in the second quarter of 2025. Once the plant is completed, it will produce 500,000 tons of bio raw materials and edible oil annually.
The two companies have also agreed to jointly pursue a project for collecting waste materials generated at the refining facility and engage in other activities. Through this joint project, the duo aims to enhance their competitiveness in the bio business. GS Caltex will secure a stable supply of the raw materials necessary for biofuel production technology.
By Jung You-jung and Chang Iou-chung
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