S-OIL Becomes ‘DJSI World Company’ for 14th Straight Year

S-OIL President Ryu Yeol and President Noh Kwang-guen of Noh & Partners pose at S-OIL headquarters in Mapo, Seoul, on Dec. 12 after they struck an MOU on a resources circulation ESG fund to achieve the circulation economy and carbon reduction. (Photo: S-OIL)

S-OIL was inducted into the list of “Dow Jones Sustainability Indices (DJSI) World companies” in the 2023 DJSI evaluation.

The refinery company became a DJSI World Company 14 years in a row.

It was the first time S-OIL became a company to be designated as a DJSI World Company for the 14th consecutive year not only in Korea but also in the Asian region.

“S-OIL was designated as a DJSI World Company for the 24th consecutive year in recognition of harmonizing with society based on global standards of management transparency and making exemplary ESG management achievements by fully reflecting stakeholders’ expectations into management activities,” the refinery company said.

“S-OIL will step up sustainable management by successfully implementing strategy goals - best profitability, eco-friendly growth, best operational efficiency, expanding the portion of the petrochemical business, and reinforcing safety - to achieve its vision of being an eco-friendly energy chemical company armed with best competitiveness and creativity,” it said.

S-OIL has been expanding sustainable management by establishing a long-term roadmap in the ESG sector, working out core tasks and systematically implementing them.

The refinery company has operated the ESG promotion committee comprising of the CEO and other executives since 2021, and primarily delivering and considering core tasks of ESG management.

S-OIL has been expanding ESG management by establishing the direction of strategies and policies related to ESG by installing the ESG Committee under the control of the board of directors and considering outcomes since 2023.

The DJSI are globally recognized sustainability evaluation indices in which S&G Global, the world’s top financial information provider.

Since 1999, they have measured the sustainability of about 2,500 companies across the globe in economic, social and environment aspects, such as governance, supply chain management, environmental achievements and manpower resources development.

The DJSI are widely utilized as guidelines for evaluating the sustainability of companies by considering global companies’ economic and ESG outcomes.

In the 2023 evaluation, 320 out of 2,544 companies ranked globally in terms of market capitalization were induction into the list of DJSI World Companies.

Two of the inductees, S-OIL of Korea and Neste Oil of the Netherlands, are only refinery companies.

S-OIL Signs MOU on ‘Resources Circulation ESG Fund to Reutilize Waste Plastic

S-OIL struck an MOU on a resources circulation ESG fund to achieve the circulation economy and carbon reduction in cooperation with Noh & Partners, the refinery company said on Dec. 13.

Both companies agreed to build the ecosystem of the Korean circulation economy, by providing to SMEs and mid-size superstars, technological analysis and support, facility improvement and efficiency and financial solutions.

Their solutions are based on their technological knowhow and experiences in the overall value chain of reutilizing waste plastic and building mutual cooperation to invest in mid-size superstars.

The resources circulation ESG fund will be raised by investing in the institutional investors, such as pension funds and mutual aid entities.

The deal will comply with the government’s goal of producing 90,000 tons of waste plastic pyrolysis-derived oil annually by 2030.

Waste plastic pyrolysis-derived oil produced by SMEs will be put into refinery and petrochemical facilities to produce petroleum and petrochemical raw materials to bring it closer to the commercialization of the circulation economy.

S-OIL President Ryu Yeol said, “In the recent trend of stressing ESG, the government has been working out policies toward the reutilization of waste plastic, particularly pyrolysis technology, in accordance with the goal of achieving net zero by 2050, and the related industry is expected to maintain a long-term growth in the future.”

S-OIL plans to contribute to the completion of the circulation economy by reutilizing waste plastics through its outstanding petroleum refinery technologies, he said.