Korean oil refiner Hyundai Oilbank said Sunday it would commercialize a technology that can turn carbon emissions and residual products emitted from refineries into paper and construction materials.

Hyundai Oilbank said Sunday it has signed a memorandum of understanding with Taekyung BK, a domestic manufacturer and distributor of lime with the technology to make calcium carbonate out of carbon emissions from refineries.

Calcium carbonate is a raw material for making cement, paper, plastic and glass.

Both companies will finish a pilot test and production line design within this year and invest 30 billion won ($24.6 million) by the second half of next year to establish a calcium carbonate production facility with 600,000 metric tons of annual capacity inside its Daesan plant in South Chungcheong Province.

“By reducing carbon emissions and selling products made of them, Hyundai Oilbank will be able to improve its operating profit 10 billion won annually,” a company official said.

By Kim Byung-wook (kbw@heraldcorp.com)