S-Oil is offering multi-pronged support to explore and nurture promising startups with innovative technologies in cooperation with Seoul Startup Hub.
S-Oil plans to select startups with innovative technologies, which will participate in the 2023 S-OIL X Seoul Startup Open Innovation.
The startup collaboration program is implemented by S-OIL in cooperation with Seoul Startup Hub, operated by Seoul Business Agency, the Seoul Metropolitan Government’s SMEs and startups support institution.
The program targets startups specializing in areas, such as new energy, environment, chemical/materials, mobility and others (smart plant and potentially new energy/chemical businesses).
The selection guidelines consist of identifying outstanding companies in terms of creativity, sustainable services, service expandability, and feasibility (added values).
Selected startups will be offered customized benefits, such as money for commercializing, to verify new technologies and ideas, global market entry support money, office space support, media public relations and ESG consulting services.
Selected startups are expected to receive additional follow-up support since they are included for considering investment attraction by cooperative partners.
A poster to promote the 2023 S-OIL X Seoul Startup Open Innovation.
In particular, S-OIL plans to make direct investments into the finalized companies. Applications may be accepted until Aug. 31 via SBA’s website (https://soil.startup-plus.kr/).
S-OIL struck an MOU with Seoul Startup Hub to provide opportunities to build partnerships between startups and large-sized companies.
The two institutions have operated the joint program for the fourth consecutive year since 2020.
The three finalists: Beomjun E&C, Glory & Tech and EUCNC have attracted a combined 3 billion won in direct investments.
S-OIL Implementing Project to Verify Treating of Bio Materials Based on Waste
S-OIL is stepping on the gas to explore the low-carbon, eco-friendly new energy business.
S-OIL has submitted an application for a regulatory sandbox permit to operate a project to verify treating of bio materials based on waste, such as waste cooking oil, animal and plant fats via the conventional petrochemical refinery process, the company said on July 30.
Earlier, S-OIL applied for a regulatory sandbox permit on a project to verify the production of fuel oils, such as gasoline and kerosene a petrochemical raw materials by recycling waste plastic decomposition oils via the conventional petrochemical refinery process.
If the regulatory sandbox applications are approved, S-OIL will verify treating substitute oils, such as bio-based raw materials and waster plastic pyrolysis oil, together with crude oil via the conventional petrochemical refinery process and producing gasoline, kerosene, diesel oil and naphtha.
The projects are expected to produce products and intermediate raw materials whose quality is similar to that of the conventional fuel oils and petrochemical products but is lower in terms of carbon intensity.
A S-OIL official said, “Treating substitute fuels, classified under the current law, via the conventional petrochemical refinery process, is hit by legal and institutional impossibilities, and a procedure related to licenses and permits, requiring a long period of time, needs to be simplified and given a temporary exemption.”
The new energy projects are undergoing a process of stabilizing through testing in an initial stage of placing raw materials after a regulatory sandbox application is approved.
Mixing waste plastic pyrolysis and bio-based raw material is then assesses and adjusted before the production of eco-friendly items is increased.
S-OIL’s new energy projects are part of its ESG management strategies in accordance with the government’s ecofriendly energy policies and the strengthening of global environment restrictions.
Products made with bio-based materials and waste plastic pyrolysis fuels are expected to take credits form the ISCC PLUS certification, thus materializing carbon emission reduction effects and contributing to low-carbon and circulation economy.
A S-OIL official said, ”S-OIL will realize its corporate vision of being an eco-friendly energy and petrol company armed with a top competitive edge and creativity by aggressively implementing low-carbon, circulation new energy projects and continue to strive to realize social values and comply with eco-friendly trends.”
S-OIL to Stabilize Supply Chain of Carbonic Acid
S-OIL plans to raise byproduct gas supplied to Dongkwang Chemical to 200,000 tons annually, a two-fold increase, starting mid-June.
By-product gas is used as a raw material to produce carbonic acid. S-OIL’s raising the production of the raw material for producing carbon is expected to stabilize the supply of carbonic acid in Korea.
S-OIL and Dongkwang Chemical have cooperated in supplying 100,000 tons of liquefied carbonic acid per year while implementing the carbon capture & utilization (CCU) project.
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