Oil & Gas

18 Jun 2021

GS Caltex to Import 2 Million Barrels of Carbon Neutral Oil

18 Jun 2021  by   

GS Caltex will introduce two million barrels of carbon-neutral crude oil certified as carbon-neutral crude oil from Lundin Energy, a Swedish energy company. The crude oil is produced at Johan Sverdrup Offshore Oil Field in Norway. This will mark the first that a Korean company imports carbon-neutral crude oil to use in Korea.

An offshore oil field of the Swedish energy company Lundin Energy.

The carbon-neutral crude is expected to be shipped in July and arrive in Korea sometime in September. GS Caltex's daily maximum crude oil throughput is 800,000 barrels, an amount which can be refined within three days. "It is meaningful for GS Caltex to introduce carbon-neutral crude oil for the first time among Korean energy companies although the amount is about 3-day throughput," GS Caltex said.

Lundin Energy lowering its average carbon emissions by one 40th of oil from typical oil fields by applying carbon capture technology. These low-carbon technologies and tree planting earned the company a verified carbon standard (VCS), an international carbon reduction.

"As part of our efforts to expand eco-friendly management activities, we preemptively introduced crude oil certified as carbon-neutral crude oil for the first time in the world to Korea," said Huh Se-hong, president of GS Caltex.

More News