- Donates a total of 210 million won in scholarships to 70 children of firefighters who died on duty.
S-OIL will conduct research and development in eco-friendly hydrogen, fuel cells and new energy businesses by collaborating with a fuel cell company.
CEO Hussain Al-Qahtani of S-OIL. (Photos: S-OIL)
S-OIL announced that it has signed an R&D cooperation deal with Fuel Cell Innovations (FCI), which provides clean energy solutions based on fuel cells.
The two companies decided to collaborate on the research and demonstration of hydrogen fuel cell fuel diversification, which has come into the spotlight, and commercialization using the results of the collaboration.
To this end, they will implement domestic and overseas demonstration projects and conduct international joint research in order to secure hydrogen production process development through ammonia decomposition, fuel-tailored solid oxide fuel cell (SOFC) technology, carbon dioxide captures and reuse technology using fuel cells.
In addition, they agreed to band together to develop blue/green hydrogen production and utilization technology, e-fuel and e-chemical production technology using green hydrogen, fuel cells and renewable energy convergence-based power generation business.
“We are planning to establish an R&D cooperation system to lead the eco-friendly hydrogen, fuel cells and new energy businesses with strong competitiveness by effectively combining our company’s infrastructure such as the S-OIL R&D Center in Magok, Seoul, and know-how,” an S-OIL official said.
S-OIL built a strategic cooperative relationship, entering the hydrogen industry in earnest by securing a 20-percent stake in FCI in March last year.
FCI is a joint venture between Korea and Saudi Arabia. It has 40 SOFC patents. It is forging partnerships with various companies and research institutes such as collaborating for product development.
Meanwhile, S-OIL is maximizing the profitability of its existing oil refining, petrochemical and lubrication oil businesses to achieve its new growth strategy, “Vision 2030” while also actively promoting its entry into new business areas such as fuel cells and recycling.
In particular, as part of the ESG management strategy, S-OIL is planning to advance into the hydrogen industry as a whole from hydrogen production to distribution and sales.
It signed a memorandum of understanding (MOU) with Saudi Aramco in January to strengthen cooperation in the alternative energy sector such as R&D on in low carbon future energy production and investment in energy venture
Excellent Partner Certification
S-OIL held the 2022 Excellent Partner Certificate Awarding Ceremony at the Onsan Plant in Ulsan City on Aug. 17.
In the ceremony, certificates were given to a total of nine companies selected as excellent S-OIL partners in the material and service sectors.
The excellent partners are five companies, including Samhwa System, Jinyoung MS and Iljin Energy in the material sector and four companies including Dongil Industries and PSCK in the service sector was selected.
S-OIL has been running a supplier relationship management (SRM) system to promote sustainable win-win growth with its partners since 2010.
Moreover, it gives certificates to selected companies by conducting comprehensive evaluations of partners.
Taking this award ceremony as momentum, S-OIL announced that it will pump up its efforts for mutual growth with partners in terms of ESG management activities by further strengthening communications with excellent partners.
Awarding Scholarships
S-OIL donated 210 million won in scholarships to 70 children of firefighters who died on duty in cooperation with the National Fire Agency and the Community Chest of Korea at the Main Building of S-OIL in Mapo, Seoul on Aug. 25.
“S-OIL will never forget the sacrifice and courage of the firefighters that made the ultimate sacrifice for our society,” S-OIL CEO Hussain Al-Qahtani said. “We will be proud of them. We will stand by their bereaved families down the road.”
On Aug. 24, S-OIL held a win-win growth scholarship award ceremony for children of its partners’ employees at the main building of the Ulsan Plant. S-OIL’s scholarships were given to 33 college students who were selected through the S-OIL Scholarship Committee.
SOURCE: News World
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