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Bio-diesel to
make commercial debut
News Source : Ministry of
Commerce, Industry & Energy
Seoul, Mar 03 2006 (Korea Newswire)--
Korean drivers will be able to fuel their cars with
bio-diesel, made partly from vegetable oil, as five major
oil refineries voluntarily agreed to sell bio-diesel at gas
stations across the country starting from July 2006.
The oil refineries, including SK Corporation and GS Caltex,
signed an agreement with the Ministry of Commerce, Industry
and Energy (MOCIE) on March 3 to make bio-diesel available
to consumers at gas stations for two years.
BD5 is the form of bio-diesel which will be on sale this
summer. It is a combination of 5% vegetable oil with 95%
diesel. The increased use of clean energy alternatives will
help lower carbon dioxide emissions as well as reduce toxic
pollutants like sulfur dioxide and benzene. By 2011, the
government hopes such environment-friendly energy sources
will make up 5% of the nation’s entire energy needs.
The Ministry expects that annual demand for bio-diesel will
reach 90,000 kilo liters for the two years covered in the
agreement. Bio-diesel is likely to win over consumers with
its relatively low price and wider availability at the gas
stations. With tax incentives for clean fuels, BD5 will be
7.5 Korean won cheaper a liter than diesel. In addition, the
fuel can be directly used in petroleum diesel engines.
