In South Korea, BusinessKorea reported that South Korea’s refining industry is set to gain momentum with the enforcement of the “Petroleum and Petroleum Alternative Fuel Business Act” starting from August 7.
The report noted that this legislation aims to support the expansion of eco-friendly petroleum alternative fuels in the country.
According to industry sources, the enforcement of the Petroleum Business Act on August 7 is expected to accelerate the SAF business of domestic refiners, the report added.
Kim Jae-hoon, a professor at Sungkyunkwan University, highlighted the need for new technology research and development to meet the 2050 SAF goal. “Currently, with the ‘co-processing’ technology that domestic refiners are strong in and the ‘hydrogenation of fats and oils’ technology that will soon be introduced from abroad, it is not possible to achieve the 2050 SAF goal, so new technology R&D is necessary,” he stated.
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