In a significant move towards sustainable environmental practices and energy solutions, South Korean company City Oil Field has inked a pivotal contract with Nam Anh Joint Stock Company in Vietnam. The agreement entails the supply of decomposition oil derived from waste plastic to Vietnam, marking a significant stride in eco-friendly energy production and waste management. This partnership aims to address pressing environmental concerns while fostering a circular economy model.
City Oil Field CEO, Jeong Yeong-hun, and Nam Anh JSC CEO, Van Vien Thong, formalized the purchase agreement at Nam Anh’s headquarters in Ho Chi Minh City, signifying a commitment to green energy initiatives on an international scale. The contract outlines City Oil Field’s obligation to supply plastic waste-derived oil, including naphtha, produced from its state-of-the-art facilities in South Korea and Vietnam to Nam Anh JSC.
Under the terms of the agreement, the price of the oil to be shipped by City Oil Field is set at $2 per liter, offering a competitive rate for sustainable energy sources in the Vietnamese market. City Oil Field’s advanced facility in Jeongeup, North Jeolla Province, boasts a production capacity of up to 4,900 tons of eco-friendly naphtha annually.
Naphtha, a crucial component derived from crude oil, serves as a fundamental building block in the production of various petrochemical products, including plastic, polyester, and nylon. What sets City Oil Field apart is its innovative approach to naphtha production. Unlike conventional methods that rely solely on crude oil extraction, City Oil Field utilizes regenerated green oil technology, which involves recycling waste plastic through a non-combustible treatment process. This groundbreaking technique not only reduces reliance on fossil fuels but also mitigates the environmental impact of plastic waste.
The purchase agreement between City Oil Field and Nam Anh JSC represents a milestone in the utilization of recycled naphtha. It serves as an official endorsement of the quality and viability of City Oil Field’s regenerated green oil technology, thereby paving the way for a sustainable circular supply chain of plastics. This initiative aligns with global efforts to combat plastic pollution and promote a greener, more sustainable future.
City Oil Field envisions this partnership as a proactive step towards addressing environmental regulations surrounding waste plastic. With the global recycled plastics market projected to grow exponentially in the coming years, from 7.5 trillion won in 2025 to a staggering 600 trillion won by 2050, initiatives like this are essential in driving positive change. By leveraging innovative technologies and forging strategic partnerships, City Oil Field aims to lead the way in sustainable energy production and environmental stewardship.
In conclusion, the collaboration between City Oil Field and Nam Anh JSC marks a significant milestone in the global transition towards sustainable energy solutions and waste management practices. By harnessing the power of recycled plastics to produce eco-friendly naphtha, these companies are not only reducing their carbon footprint but also setting a precedent for responsible business practices in the energy sector. As the world grapples with the challenges of climate change and environmental degradation, initiatives like this offer hope for a brighter, greener future.
