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[Apha Biz=(Chicago) Reporter Paul Lee] GS Caltex and POSCO International will jointly launch a palm oil refining business used as food and bioenergy raw materials in Indonesia.
GS Caltex and POSCO Inter held a joint venture signing ceremony for the Indonesian palm oil refining business at POSCO Center in Gangnam-gu, Seoul on the 12th. The two companies will establish a joint venture in Kalimantan, Indonesia, to build a refining facility that produces 500,000 tons of palm oil annually on 300,000㎡ of land. POSCO Inter and GS Caltex will jointly invest a total of $210 million (about 280 billion won) at a 6:4 ratio.
Construction will begin early next year and commercial production will begin in the second quarter of 2025. POSCO Inter, which has been doing palm oil business in Indonesia since 2017, is mainly in charge of supplying raw materials for palm oil, while GS Caltex plans to provide refining technology.
The two companies will also push for a project to recover waste materials generated during the refining process. It is planning to establish additional factories in Indonesia that produce eco-friendly fuels such as 'bio aviation oil' using waste materials.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
