South Korea’s refiner GS Caltex is now using liquefied natural gas instead of oil to power its Yeosu refining plant in a move to reduce carbon emissions.
Low sulfur heavy oil emits 76 tons of carbon dioxide (CO2) per terajoule compared to 56 tons of CO2 emitted from LNG, according to GS Caltex.
The company expects this fuel switch will lead to a 19 per cent cut in carbon emissions and 30 per cent reduction in emissions of other pollutants such as sulfur oxides and nitrogen oxides.
The fuel switch would also help with cutting operational costs for the Korean company.
GS Caltex says it expects 11.5 billion won ($9.5 million) in cost savings per year.
“Energy demand is on a constant rise, but the traditional supply-centered ways are not enough to tackle the issue of greenhouse gas emissions,” said GS Caltex CEO Huh Se-hong.
That is why switching to “efficient fuels” is the best way to meet the contradictory goals of stabilizing energy supplies and coping with climate change, he said.