SK Earthon to Collaborate with UK CCS Company to Explore US and Australia Projects

"Expecting Synergy Toward Net Zero"

[Asia Economy Reporter Choi Seoyoon] SK On, a subsidiary of SK Innovation specializing in oil development, is partnering with the UK-based company Azuli to explore global CCS (Carbon Capture and Storage) business opportunities.

On the 2nd, SK On announced that it signed a Memorandum of Understanding (MOU) on the 27th of last month with Azuli, an independent UK CCS company, to collaborate on discovering and developing CCS business opportunities primarily in the United States and Australia.

SK On and Azuli explained that this MOU is the first step toward establishing a strategic global partnership between the two companies. Based on their technological capabilities, they aim to jointly promote CCS projects with high commercial viability that can permanently inject and isolate large amounts of carbon dioxide into underground geological formations.

The two companies plan to proactively seek business opportunities in Australia and the United States, where CCS-related legal systems are already established, and further expand CCS business cooperation globally, including in Korea.

CCS is a key means for energy transition and decarbonization, and it is expected to significantly contribute to the international community's achievement of net-zero goals. SK On is actively advancing its CCS business based on the expertise and technology accumulated over more than 40 years in oil development to accelerate its green transformation strategy.

Through this, SK Innovation aims to advance the timeline for achieving its net-zero goals and grow into a leading CCS business company that can provide solutions for carbon dioxide emissions beyond Korea to the Asia-Pacific region.

Azuli is an independent CCS specialist company headquartered in the UK, holding a portfolio of various global CCS business opportunities including in Australia, the UK, continental Europe, and the United States. Recently, Azuli established a subsidiary in the US and is conducting two CCS projects in the Gulf region.

Hamish Wilson, CEO of Azuli, said, "We are pleased to have the opportunity to develop CCS projects in various regions worldwide by leveraging our expertise and experience through cooperation with SK On."

No Jeong-yong, Head of SK On Green Center, stated, "Under the vision of becoming a leading private company in eco-friendly businesses linked to CCS, SK On will contribute to achieving Korea's carbon dioxide reduction goals," adding, "As part of achieving this goal, we have partnered with Azuli."

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