Hyundai Oilbank, one of the top refiners in Korea, said that the company would conduct maintenance activities at its Hyundai Oilbank Daesan Plant starting Aug. 22.
The company also issued a “No Accident Declaration” in a ceremony held at its Daesan Oil Refinery Complex in South Chungcheong Province, where 100 officials of the cooperative firms and officials and staff of the oil company were in attendance, led by President Moon Jong-bak of Hyundai Oilbank.
A week ahead of the scheduled project, Hyundai Oilbank CEO Moon Jong-bak held an event to encourage field workers that will be responsible for the refinery maintenance.
“Safety is the most important value at a refinery site,” Moon said.
As of Aug. 16, the company had marked its 1,385th accident-free day, it said.
Hyundai Oilbank said it would spend some 310 billion won ($271.8 million) and put a daily average of some 5,000 workers on the maintenance activities. It is the largest amount to be spent as well as the highest number of people the company has invest in refinery maintenance.
Over the one-month period, Hyundai Oilbank will stop production to perform safety checks at the plant.
Hyundai Oilbank said it signed an agreement with Hyundai OCI on the sale of oil sludge worth 1.1 trillion won effective Nov. 28 and until Nov. 28, 2037, which is equivalent to 9.3 percent of the oil refiner’s sales revenue last year.
Hyundai OCI is a joint venture company set up by Hyundai Oilbank and Hyundai OCI in February, last year, with the oil refiner sharing 51 percent stake in the new company and Hyundai OCI 49 percent.
The joint venture is slated to build a 100,000-ton carbon black plant near the Daesan Oil Complex of the oil refinery and is slated to go on-stream early next year. Carbon black is used to strengthen the rubber in auto tires, make inks, among others. It will supply 3 million tons of carbon black to Hyundai OCI under the contract.
Hyundai Oilbank Co. opened a children’s library Nov. 17 at National Library of Vietnam in Hanoi to celebrate decades-long relations between the two countries, the company said.
Hyundai Oilbank invested 340 million won ($310,871) in Vietnam’s first library for children to commemorate 25 years of diplomatic relations between South Korea and Vietnam. The library, with 2,000 books, is a multifunctional cultural space that has various facilities including a play room, instrument experience room and a mini theater.
The play room is equipped with popular characters and toys, and the instrument experience room is furnished with traditional instruments of the two countries.
Guests to the opening ceremony included board members of Hyundai Oilbank 1% Nanum Foundation and International Cultural Foundation.
Hyundai Oilbank 1% Nanum Foundation has been engaged in educational aid projects since 2013 for children in developing countries. It has already rebuilt a kindergarten and an elementary school in Vietnam and is expected to finish building a middle school in Nepal in February next year.