UCO Signing Ceremony – Press Release

YoungRay has widely deployed “urban oil fields” to assist the global aviation industry in refueling. Promote the increase and stability of SAF raw material sources with the help of the Asian UCO cross-border Alliance [Taipei News Dec, 2023] COP28 has been held in Dubai. This year’s conference has set the tone to reduce oil production, step by step withdraw petrochemical fuels and use sustainable new energy as a substitute! “Net-zero carbon emissions” is imminent. The United Nations and the European Union have stipulated that the SAF policy for the aviation industry will be officially launched in 2025. The blending of SAF sustainable aviation fuel will be mandatory to reduce carbon emissions by 88%. YoungRay has grasped the international pulse and started the Asian cluster in 2024, cross-border integration and recycling of Used Cooking Oil (UCO) to create a global low-carbon UCO circular economic ecosystem! At the same time, in response to the government’s “net-zero carbon emission” policy, YoungRay has successfully transformed into a green technology service company for new energy (SAF) by virtue of its unique patented technology with a global presence in more than 40 countries and will launch the first year of the Asian Cup in 2024. The first wave will be to join hands with South Korea and Saudi Arabia to build the “SAF Raw Material Republic”. In currently, the MOU was signed to jointly announce the cross-border integration of waste cooking oil recycling and become a stable raw material supply alliance for SAF sustainable aviation fuel.

YoungRay has been committed to the recycling of ESG waste cooking oil for nearly ten years. Five years ago, it transformed into a new energy green technology service company. Founder and Chairman Alex Lin said: “In the future, YoungRay DGM will use this intelligent equipment and system, covering “Urban Oilfield-UCO Bank” to countries all over the world, truly “turning waste into treasure”, not only waste management is 100% traceable, but also reducing recycling costs by 80%, recycling and carbon reduction by 80%, and recycling Production capacity increased by 2-3 times! ” , which allowing the raw materials of SAF sustainable aviation fuel that countries are competing for to be continuously supplied through Taiwan’s unique patented technology in the world!

YOO JAE-HUNG, Chairman of South Korea’s GRI Energy Company, explained: “South Korea’s UCO recycling rate is similar to Taiwan’s, less than 50%. Currently, about 180,000 tons of UCO are recycled every year, but it still maintains a very traditional and highly labor-intensive way to purchase oil products. Meanwhile collection costs are quite high, and it will be able to comply with ISCC certification and waste management systems in the future. After today’s signing, YoungRay’s AIoT intelligent patented technology will be successfully introduced, which is expected to greatly reduce recycling costs, alleviate labor shortages and aging manpower problems, and establish the traceable certification system is expected to successfully penetrate SAF’s global supply chain!”

Khalid Alturki, President of Yanub Investment from Saudi Arabia, a major oil-producing country, and a former senior executive of Sabic Chemical Company, solemnly stated: “Saudi Arabia did not have any management policy for waste cooking oil before this, and the current situation is that chain restaurants use Disposal of waste by oneself will indeed cause a very high cost to the environment after dumping. However, now that countries are facing extremely high calls for reducing oil production, the importance of new energy is increasing day by day. Therefore, Saudi Arabia has the opportunity to cooperate with YoungRay, introducing an AIoT smart recycling system to recycle waste cooking oil and turning waste into treasure, and turning UCO into a stable and sustainable source of material for the SAF refinery, a joint venture subsidiary of Saudi Arabian Oil Company, hoping to catch up and quickly move towards Saudi Arabia. China’s 2030 net-zero carbon emissions target committed to the United Nations!”

After the establishment of the Cross-border Waste Cooking Oil Recycling Alliance composed of Taiwan, South Korea and Saudi Arabia, the three countries’ joint goal in the first year will be to reach the recycling target of 7,525 tons per month as soon as possible. In addition to overcoming the pain points of traditional methods and immediately optimizing the recycling of UCO In addition to the method, the greater significance is that the waste cooking oil that should be recycled but has not been recycled can be successfully recycled through smart equipment, which not only greatly reduces environmental costs, but also hopes to accelerate the supply of 2.62 billion gallons of oil produced globally from 2026. SAF’s huge capacity gap.

Murphy Lin, Cell: 0908-181-961 / e-Mail: murphylin@dgm-tw.com

Christine Chien, Cell: 0928-098-975 / e-Mail: dgmgm@dgm-tw.com

About YoungRay

YoungRay Co., Ltd. (hereinafter referred to as YoungRay) was established in 2013. It is deeply involved in the environmental protection recycling industry in Taiwan. It is the only speaking member of the EU ISCC international certification organization that has obtained certification in Taiwan for 10 consecutive years. It has always been a benchmark in the industry. In 2022, it won the Jinbo Award for Innovative Service, the highest honor for small and medium-sized enterprises, and was highly appreciated and highly recognized by President Tsai, the presenter! In 2023, it once again won the Innovation and Technology Award of the Taiwan Circular Economy Award of the China Economic Research Institute (China Economics Institute). The invention patents are distributed in more than 40 countries and have been highly recognized and valued by all walks of life in industry, government, and academia!

YoungRay has been committed to the recycling of ESG waste cooking oil for nearly ten years. Five years ago, it transformed into a new energy green technology service company. The AIoT waste oil recycling technology developed by founder and chairman Alex Lin has been deployed in major markets around the world. Invention patent, in the future, through this intelligent equipment and system, “Urban Oilfield-UCO Bank” will be covered in countries all over the world, truly “turning waste into treasure”, not only waste management is 100% traceable, but also cost reduction 80%, 80% carbon reduction, and a 2-3 times increase in recycling capacity, allowing the raw materials of SAF sustainable aviation fuel that countries are competing for to be continuously supplied through Taiwan’s unique patented technology in the world

About GRI Energy Corporation
GRI Energy was established in May 2013 and is engaged in the exclusive edible oil supply rights industry. The company is involved in securing and allocating these rights, as well as collecting and refining waste cooking oil to produce environmentally friendly biodiesel.

In January 2021, GRI Energy obtained the “Alternative Fuel Production and Import and Export License”, marking the beginning of the production and sale of biodiesel using refined waste cooking oil. The company also generates additional revenue from the sale of by-products such as glycerin used in medical and detergent manufacturing and bitumen for bio heating oil. Major developed countries have mandated the use of biofuels. South Korea follows the “Renewable Portfolio Standard” (RPS) and is gradually increasing the proportion of biofuels. This trend has led to the continuous growth of the market.

Since July 2015, the South Korean government has implemented a mandatory system requiring petroleum refining or import and export companies to mix a certain proportion (starting from 2.5%) of biodiesel in transportation diesel. The blend ratio is expected to increase to 3.5% in 2023, 4.0% in 2024, 4.5% in 2027 and 8.0% in 2030. This is expected to drive significant growth for the business alongside market expansion.

Unlike the EU RED amendment, South Korea’s Renewable Fuel Standard (RFS) currently lacks sustainability standards such as phasing out crop-based biofuels to assess the environmental friendliness of biofuels. If discussions on these aspects progress in the future, the advantages of producing biodiesel from waste cooking oil may become even more prominent.

About YANUB Company

Yanub Co. is Saudi Arabia’s leading provider of investment solutions for oil, gas and industrial services. Our dynamic product portfolio also includes sustainable real estate businesses and advanced water treatment solutions. We are committed to driving operational excellence and moving towards the transformative goals of Saudi Arabia’s Vision 2030. The company’s shareholders are all senior executives from the state-owned petroleum and chemical industries. As a sovereign investor with entrepreneurial thinking, we strategically invest in asset classes and industries that can bring competitive advantages on a global scale.

Since its founding in 2023, Yanub Co. has been at the forefront of fusing investment intelligence with a commitment to sustainability and progress, in line with the Kingdom’s 2030 net- zero carbon emissions goal. Our vision is to be a catalyst in Saudi Arabia’s ambitious journey towards Vision 2030, ensuring that our partners, including Saudi Aramco and other leading companies, benefit from sustainable, state-of-the-art solutions that the program sets a new industry benchmark. Additionally, our mission is to build strategic partnerships with industry leaders to provide innovative solutions that drive operational excellence and echo the sustainable and progressive spirit of Saudi Arabia’s Vision 2030.

Here are the photos:

UCO Signing Ceremony Proper