- PUBLISHED :June 29, 2017 – 11:38
- UPDATED :June 29, 2017 – 11:38
[THE INVESTOR] Hyundai Heavy Industries, a major shipyard here, said on June 29 that it signed a memorandum of understanding with two other companies to enter the petroleum coke-fired power generation business.
Petcoke, a byproduct of the oil refining process, can be used as a replacement fuel to existing high-cost oil and gas for power generation. But in order to utilize it as a fuel, highly skilled operational technologies and special equipment are needed.
Under the deal with its affiliate Hyundai Oilbank and the state-run Korea Electric Power Corp., HHI will work together to develop the petcoke power generation business.
Currently, there are some 250 facilities around the globe that produce petcoke. HHI aims to secure deals to sell electricity generated by petcoke to such facilities.
By Alex Lee and newswires (email@example.com)