From left, Woori Technology CEO Rho Gab-Seon, City Oil Field CEO Jeong Yeong-hun, Enter Espoo Oy CEO Jaana Tuomi and the the CEO of Montroyal Capital Oy, who wishes to remain anonymous, pose after signing a business agreement in Finland, Oct. 3. Courtesy of City Oil Field

City Oil Field, a company specializing in the development of technologies for the economic and energy sectors, is set to extend its eco-friendly recycling technology to two cities in Finland, according to the company, Tuesday.

The technology, named "Regenerated Green Oil" (RGO), stands as a pioneer in environmental advancements, significantly minimizing generation of carbon emissions and other pollutants during the recycling process through its non-combustible treatment method. The Ministry of Trade, Industry and Energy has officially certified City Oil Field for possessing this groundbreaking technology.

Representatives from City Oil Field and the Finnish cities of Espoo and Vaasa gathered in the North European country to sign a business agreement on Oct. 3 and 4.

The agreement entails the implementation of the RGO technology in a project aimed at establishing a facility dedicated to eco-friendly recycling of plastic waste. This marks the second global expansion of the technology, following its successful expansion in the United Kingdom.

The project's objective is to break down plastic waste generated in Espoo and Vaasa, both renowned for their innovative and eco-friendly initiatives, at low temperatures utilizing RGO technology. Renewable raw materials and renewable fuel oil are generated throughout this process.

Collaborating alongside City Oil Field and the two cities are other key stakeholders, including Woori Technology, a company specializing in technological development across various sectors, and Montreal Capital Oy, a Finnish investment company.

Woori Technology will actively participate as a partner, aiding in the automation of engineering processes and procuring plants for facilities implementing RGO technology. Also, Montroyal Capital Oy will provide essential financial support for the construction of facilities dedicated to utilizing this revolutionary technology.

"With Korea's eco-friendly technology making strides into Finland, a frontrunner in sustainable solutions, we are committed to proactively applying RGO technology to assist enterprises in bolstering their environmental, social and corporate governance (ESG) initiatives," said Jeong Yeong-hun, CEO of City Oil Field.