Choi Yoon-seok, President of SK Incheon Petrochem, "Accelerating Low-Carbon Based Growth Strategy"

The First Year of Financial Story Execution
Core of Low-Carbon Based Growth
Will Overcome Limits of Petrochemical Business

Actively Promoting Renewable Energy Businesses such as Biofuels and Plastic Waste Recycling
Executing Technology-Based Growth Strategies Utilizing AI and DT, Including Digital SHE Platform Based on SHE Capabilities

Choi Yoon-seok, President of SK Incheon Petrochem

[Asia Economy Reporter Donghoon Jeong] Choi Yoon-seok, President of SK Incheon Petrochem, declared his ambition to make this year the inaugural year for executing the financial story by concretizing and accelerating a low-carbon based growth strategy, while securing the company's sustainability based on differentiated safety, health, and environment (SHE) management levels and operational competitiveness.

In an interview with SK Innovation's official news channel, SKinno News, President Choi emphasized, "Low-carbon based growth is the core of SK Incheon Petrochem's financial story as a petrochemical company, meaning that we aim to grow beyond the limits of the petrochemical business into new eco-friendly businesses."

To this end, SK Incheon Petrochem plans to actively promote renewable energy businesses such as biofuels and waste plastic recycling. The company is also reviewing projects that process and recycle organic waste into resources. Based on one of the company's greatest strengths?its safety, health, and environment capabilities?it will also pursue technology-based growth strategies utilizing artificial intelligence (AI) and digital transformation (DT).

Last year, SK Incheon Petrochem signed a contract to supply by-product hydrogen generated from its processes to SK E&S. By next year, production facilities capable of supplying 30,000 tons of liquefied hydrogen annually across the Seoul metropolitan area will be constructed within the existing site. This is expected to contribute not only to the economic development of the Incheon region but also to its reputation as a clean energy city. New businesses such as biofuels and plastic recycling are also being concretized through collaboration with various partners.

President Choi also cited SK Incheon Petrochem’s safety, health, and environment management capabilities and AI- and digital-based environmental management technologies as one of the company’s greatest strengths. He stated that various projects are underway based on over 50 years of accumulated expertise and technology-driven new businesses.

A representative example is the mobile-based work permit system developed in-house by SK Incheon Petrochem, which is evolving into a revenue model through external commercialization. This is a meaningful outcome as it spreads an efficient safety, health, and environment management model throughout the petrochemical industry. The AI- and big data-based intelligent wastewater treatment system has been recognized as an eco-friendly technology, and collaborative projects with public institutions are underway. Additionally, this year, the company aims to diversify technology-based businesses for carbon reduction by actively promoting organic waste resource projects using livestock manure and other materials.

President Choi highlighted recent achievements based on operational competitiveness that swiftly responds to market conditions and expressed strong determination to vigorously pursue strategic businesses that will generate new revenue streams in the future, such as hydrogen business and waste heat recovery.

He said, "We have recently achieved structural improvements such as expanding direct crude oil imports, and visible results are emerging from various cost-saving efforts including utility and waste reduction and efforts to expand the limits of process operations. We will accelerate the execution of the financial story by actively promoting low-carbon business-based growth grounded on the sustainability of existing businesses."

President Choi emphasized, "As a company that has grown over 50 years based in the Incheon region, SK Incheon Petrochem will practice win-win management with the local community and stakeholders with a mindset of walking together. As a representative company of the region, we will devote ourselves to valuable work that enables mutual growth with pride and responsibility."

This content was produced with the assistance of AI translation services.