JC Chemical

What JC Chemical does

JC Chemical (제이씨케미칼 주식회사) is a South Korean biofuel manufacturer founded in 2006 and listed on KOSDAQ (ticker 137950) since 2011. The company operates approximately 51-100 employees across its Ulsan headquarters and manufacturing complex, Seoul business office, Indonesian palm plantation subsidiary (PT. Niagamas Gemilang in East Kalimantan, 7,246 hectares), and a newly established Singapore subsidiary (2025). Total biofuel production capacity is approximately 800,000 kiloliters annually. The company manufactures biodiesel (FAME), bio heavy oil, bio marine fuel, and pretreated used cooking oil (PTU) as feedstock for SAF (Sustainable Aviation Fuel) and HVO (Hydro-treated Vegetable Oil), with glycerin as a byproduct. Underlying technologies include a patented multi-stage reactor system, reverse reaction prevention reactor, biodiesel distillation system, and simultaneous refinement of crude biodiesel and glycerin.

JC Chemical generates revenue through direct B2B sales and contract-based B2B transactions with shipping companies (Maersk, HD Hyundai Oilbank, GS Caltex), oil refiners (SK Innovation, S-Oil, Hyundai Oilbank) for biodiesel blending under Korea's RFS (Renewable Fuel Standard) mandates, power generation companies for bio heavy oil under RPS (Renewable Portfolio Standard) obligations, and SAF producers internationally (Phillips 66, USA). The company holds all major international certifications required for global biofuel trade: ISCC EU, ISCC CORSIA, US EPA registration, QAP, and ISO 9001/14001. Revenue is materially exposed to Korean RFS/RPS regulatory mandates (biodiesel blending 4.0% in 2024, planned 8.0% by 2030; SAF mandate 1% from 2027, 7-10% by 2035) and the international SAF/HVO feedstock market. Pricing is negotiated on a contract basis and not publicly disclosed.

Vertically integrated palm plantation operations in Indonesia secure upstream CPO feedstock, while recent strategic moves center on the SAF/HVO opportunity: first Korean PTU export to Phillips 66 (December 2024), S-Project PTU facility expansion at Ulsan New Port (October 2025), Singapore subsidiary establishment (2025), and Malaysia UCO factory exploration (November 2025). Reported revenue trajectory has been negative from a ₩406 billion 2022 peak to ₩255 billion in 2025, with net income turning negative in 2025, reflecting margin compression in the core biodiesel/bio heavy oil business while new SAF feedstock investments are still ramping.

Name

JC Chemical

Legal name

제이씨케미칼 주식회사

Website

https://jcchemical.co.kr

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

51–100 employees

Short description

JC Chemical is a South Korean biofuel manufacturer producing biodiesel, bio heavy oil, bio marine fuel, and PTU feedstock for SAF/HVO, serving shipping companies (Maersk), oil refiners (SK Innovation, Phillips 66), and power generators under Korean RFS/RPS regulatory mandates and international export contracts.

Ownership category

akta.pro rank

Product category

Biofuel Manufacturing

NAICS

Basic Chemical Manufacturing (3251), Soybean and Other Oilseed Processing (311224), Petroleum and Coal Products Manufacturing (3241)

SIC

Chemicals & Allied Products (2800), Fats & Oils (2070), Agricultural Production-Crops (100)

akta.pro primary industry

Biofuels & Renewable Fuels Switching (Biomethane/RNG, Bio-oils, Sustainable Biomass) (EUABAJAD)

akta.pro secondary industries

Biofuel Upgrading, Hydrotreating & Refining (Co-processing, Isomerization) (EUAAAHAG), Palm Oil Milling, Refining & Fractionation (AFAKAEAB), Biofuel Distribution & Fuel Marketing (Wholesale/Retail) (EUAAAHAI)

Keywords

• Biodiesel manufacturing
• Bio marine fuel
• SAF feedstock production
• Bio heavy oil
• Palm oil plantation

Headquarters

HQ city

Ulsan

HQ country

South Korea

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Technology or R&D, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. Biodiesel Sales: Production and sale of biodiesel (FAME) for transportation fuel blending. Subject to RFS (Renewable Fuel Standard) blending mandates in South Korea, currently at 4.0% mandatory blending as of 2024.
2. Bio Heavy Oil Sales: Production and sale of bio heavy oil for power generation. Supplies to power companies under RPS (Renewable Portfolio Standard) obligations. Uses existing bunker C fuel infrastructure.
3. Bio Marine Fuel Sales: Production and sale of bio marine fuel for ocean-going vessels. Supplies to shipping companies like Maersk, HD Hyundai Oilbank, and GS Caltex. Reduces carbon emissions by 65%+ compared to fossil fuels.
4. PTU (SAF/HVO Feedstock) Sales: Production and export of Pretreated Used Cooking Oil as feedstock for Sustainable Aviation Fuel (SAF) and Hydro-treated Vegetable Oil (HVO). First Korean company to export PTU to US market (Phillips 66, December 2024).
5. Palm Oil (CPO/Palm Products) Sales: Palm oil plantation and CPO mill operations in Indonesia (PT. Niagamas Gemilang). Produces Crude Palm Oil (CPO) and Palm Kernel (PK) for food, consumer products, and biofuel feedstock.
6. Glycerin Sales: Sale of crude and refined glycerin byproducts from biodiesel production. Used in polymer synthesis, humectants, anti-caking agents, paint additives, cosmetics, food, and surfactants.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

JC Chemical manufactures and supplies biofuels including biodiesel (FAME) for transportation fuel blending, bio heavy oil for power generation, bio marine fuel (BD100) for ocean-going vessels, and PTU (Pretreated Used Cooking Oil) as feedstock for Sustainable Aviation Fuel (SAF) and Hydro-treated Vegetable Oil (HVO). The company operates a vertically integrated value chain from palm oil plantation and CPO processing in Indonesia (PT. Niagamas Gemilang) through to finished biofuel production at its Ulsan, South Korea facilities, with total annual production capacity of 800,000 kiloliters.

Product overview

JC Chemical is a biofuel manufacturer offering a portfolio of renewable fuel products centered around its core refining and processing capabilities. The product line includes Bio Diesel (FAME-based biodiesel for road transport), Bio Heavy Oil (for power generation), Bio Marine Fuel (for ocean shipping), and SAF Refined Feedstock/PTU (for Sustainable Aviation Fuel). Glycerin is produced as a high-value byproduct of biodiesel manufacturing. JC Chemical also operates a backward-integrated raw material supply chain through its PT.NG palm oil plantation and CPO Mill in Indonesia, ensuring feedstock security. The company's R&D division supports product development and technology advancement across all product lines.

Differentiator

Problem solved

Functional benefit

Products and services

• Bio Diesel Biodiesel fuel produced through ester exchange reaction from plant-based or animal oils and alcohol (primarily methanol), serving as a direct alternative to petroleum-based diesel with nearly identical combustion properties. Used for transportation fuel blending under Korea's Renewable Fuel Standard (RFS) mandates.
• Bio Heavy Oil Environmentally friendly power generation fuel produced by refining and processing animal and plant oils and Oleo Chemical byproducts to meet fuel quality standards, serving as a substitute for Bunker C oil in existing power generation facilities. Provides 85% GHG reduction, zero SOx emissions, and is supplied to Korean power companies under RPS (Renewable Portfolio Standard) obligations.
• Bio Marine Fuel Biofuel blended with conventional ship fuel (including BD100 pure biodiesel), offering near-zero sulfur oxide emissions and reducing carbon emissions by 65% or more compared to fossil fuel-based ship fuel. Supplied to ocean-going shipping companies including Maersk, HD Hyundai Oilbank, and GS Caltex.
• PTU (Pretreated Used Cooking Oil) Pretreated feedstock for HVO (Hydro-treated Vegetable Oil) production used in Sustainable Aviation Fuel (SAF), involving removal of chlorides, metals, impurities, and water to ppm-level precision. JC Chemical developed proprietary low-cost, high-efficiency PTU production technology and achieved Korea's first overseas export of PTU in 2024, supplying Phillips 66 in the US market.
• Palm Plantation / CPO Mill Operations (PT.NG) Oil palm plantation and CPO (Crude Palm Oil) Mill operation in East Kalimantan, Indonesia operated through wholly-owned subsidiary PT. Niagamas Gemilang. Produces CPO and Palm Kernel (PK) supplying raw materials for JC Chemical's biofuel production, providing vertical integration and feedstock security. Cumulative plantation area of 7,246 hectares as of 2022.
• Glycerin (Crude and Refined) Byproduct of biodiesel production available in crude and refined forms (85%, 95%, 99.9% purity), used in applications including paint additives, styrene raw materials, cosmetics, tobacco, food products, and surfactants. Produced through JC Chemical's proprietary simultaneous refinement technology.

Quantifiable outcome

• 85% greenhouse gas reduction vs heavy oil for power generation
• +5 more outcomes

Named customers7 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Eight partnerships are on record, tiered core, strategic and major.

• SK Innovation / GS Caltex / S-Oil / HD Hyundai Oilbank (SAF Alliance)coreStrategic or Co-development Partner · 22 February 2026National consortium for Sustainable Aviation Fuel production. Domestic refiners (SK Innovation, GS Caltex, S-Oil, HD Hyundai Oilbank) announced plans to jointly build SAF production facilities targeting 21-trillion-won global market by 2030. JC Chemical's PTU technology positions it as key feedstock supplier for this alliance.
• Malaysia Investment, Trade and Industry Ministry (MITI)strategicStrategic or Co-development Partner · 4 November 2025Meeting with Malaysian Minister of Investment, Trade and Industry (Tengku Zafrul Aziz) to discuss establishment of UCO (Used Cooking Oil) factory in Malaysia. JC Chemical presented plans for waste cooking oil factory as part of feedstock security strategy.
• Ulsan New Port AuthoritycoreStrategic or Co-development Partner · 27 October 2025S-project expansion of PTU production facility at Ulsan New Port. Partnership with Ulsan City and Ulsan Port Authority for facility expansion, cost reduction through equipment expansion and efficiency improvement, and vertical integration of pretreatment business.
• Phillips 66 (USA)coreStrategic or Co-development Partner · 24 September 2024PTU (SAF/HVO feedstock) supply contract. JC Chemical receives used cooking oil, processes it with proprietary technology, and exports PTU to Phillips 66. First Korean PTU export to US market (4,400 tons in December 2024).
• Sustainer (써스테인어스)coreStrategic or Co-development Partner · 21 August 2024MOU for cooperation in waste cooking oil collection and recycling business. Partnership leverages ICT-based 'on-reuse' system for environmentally friendly biofuel feedstock collection.
• HD Hyundai OilbankmajorChannel Partner/ Reseller/ Distributor · 1 August 2024Bio marine fuel supply partnership. Started August 2024, supplying 2,955 tons of bio marine fuel in 2024. HD Hyundai Oilbank distributes to shipping companies.
• GS CaltexmajorChannel Partner/ Reseller/ Distributor · 1 April 2024Bio marine fuel supply partnership. Started April 2024, supplying 6,515 tons of bio marine fuel in 2024. GS Caltex distributes to shipping companies.
• MaerskcoreStrategic or Co-development Partner · 17 July 2023World's first successful commercial container ship biofuel operation. JC Chemical supplied ISCC UCOME to Maersk container vessels from July 2023. Continuous supply through 2024. Also supplied bio heavy oil marine fuel to Maersk methanol dual-fuel vessels in November 2024 for engine testing purposes.

Scale indicators8 records

Recent moves11 records

Expansion highlights7 records

Broad incumbents

• Cargill: Global agribusiness with significant palm oil operations and a growing biofuels/SAF feedstock business. Comparable as a vertically integrated agricultural-to-biofuel player with international scope.
• GS Caltex: Korean refiner and bio marine fuel distribution partner of JC Chemical since 2024. Comparable as a Korean energy major pursuing biofuels and SAF, with broader petroleum refining and petrochemical operations.
• SK Innovation: Korean refiner and petrochemical major, current JC Chemical biodiesel customer and named SAF alliance partner. Comparable as a vertically integrated energy company pursuing SAF production, though far larger and broader in scope.
• S-Oil: Korean refiner and SAF consortium member. Overlaps with JC Chemical as both a customer and a potential competitor if it vertically integrates PTU/biofuel production for its planned SAF facility.
• HD Hyundai Oilbank: Korean refiner with a bio marine fuel partnership with JC Chemical since 2024 and SAF consortium membership. Comparable as both customer and competitor in the Korean biofuel/SAF value chain.

Direct peers

• Renewable Energy Group (REG, now Chevron): US-based biodiesel and renewable diesel producer acquired by Chevron in 2022. Directly comparable product portfolio (biodiesel, renewable diesel, SAF feedstock) and similar customer base of refiners and fuel marketers.
• Neste: World's largest producer of renewable diesel (HVO/HEFA) and Sustainable Aviation Fuel (SAF) from waste and residues. Directly comparable to JC Chemical as both produce renewable fuels, sell into EU and US markets, and compete for SAF feedstock supply contracts with refiners like Phillips 66.
• Diamond Green Diesel: Joint venture between Valero and Darling Ingredients, one of the largest US renewable diesel producers. Direct competitor in HVO/HEFA feedstock pretreatment and renewable diesel production, with similar customer profile of refiners and SAF producers.
• Wilmar International: Asia's largest palm oil processor and a major biodiesel producer with vertically integrated plantations. Most directly comparable peer given shared palm-to-biodiesel value chain, Indonesian plantation footprint, and Asian biodiesel market presence.

Emerging players

• Bunge Limited: Global agribusiness and oilseed processor with expanding renewable fuels footprint. Comparable to JC Chemical in oilseed/palm processing for biofuel feedstock, though Bunge is far larger and more diversified.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/jc-chemical-co-ltd

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about JC Chemical