Haldor Topsoe and Hyundai Oilbank sign Memorandum of Understanding to develop green energy solutions

Under the MoU, the two parties will collaborate to mitigate climate change

  • Hyundai Oilbank and Topsoe will jointly seek to identify opportunities within blue and green hydrogen, waste plastic recycling, bio-refinery, eFuels, CCUS and other solutions to reduce carbon emissions.
  • The Memorandum of Understanding (MoU) will support Topsoe in further otimizing its clean energy technologies and potentially enable Hyundai Oilbank to increase its low-carbon business and meet the company's target that 70% of total profit should derive from eco-friendly business by 2030.

Both Topsoe and Hyundai Oilbank strive to mitigate climate change. Topsoe develops cutting-edge technologies within green hydrogen, green ammonia, eMethanol, and eFuels. Hyundai Oilbank has started a transformation of its production to significantly reduce carbon emissions in its customer offerings. Under the MoU, the two parties will collaborate on developing sustainable and efficient solutions within a range of green energy solutions.

“We’re very satisfied to support Hyundai Oilbank in their efforts to transform their business model to sustain a green future, and we look forward to further optimizing our green energy technologies together,” says Chokri Mousaoui, Executive Vice President and Head of Green Hydrogen at Topsoe.

About Hyundai Oilbank

Hyundai Oilbank refines 520,000 barrels of oil a day and supplies oil products and services through 2,500 gas stations nationwide. Notably, Hyundai Oilbank has completed the vertical integration in the petrochemical aromatic business from crude oil to BTX. Hyundai Oilbank seeks to be a comprehensive energy company by expanding its business portfolio into oil storage, base materials and lube base oil.

About Haldor Topsoe

Topsoe aims to be recognized as the global leader in carbon emission reduction technologies by 2024. As a world leader in electrolyzers, catalysts, and technology, we are heavily engaged in developing solutions for decarbonizing hard-to-abate sectors such as steel, cement, chemicals, shipping and aviation. Our solutions produce essential renewable energy carriers, fuels, and chemicals of the future, such as green hydrogen, green ammonia and eMethanol™. Our foundation is Topsoe’s market-leading and energy-efficient technologies to produce chemicals and fuels.

Topsoe is headquartered in Denmark and serves customers around the globe. In 2020, our revenue was approximately DKK 6.2 billion, and we employ around 2,200 employees.


Haldor Topsoe, press release, 2021-11-08.