S-OIL·Shinhan Bank, MOU for Low-Carbon Transition ESG Financial Support
S-OIL has partnered with Shinhan Bank to actively promote a low-carbon transition.
On the 18th, S-OIL signed an 'ESG Financial Support Agreement for Low-Carbon Transition' with Shinhan Bank at Shinhan Bank's headquarters located in Jung-gu, Seoul, to lead competitive low-carbon energy businesses.
Through this MOU, S-OIL and Shinhan Bank plan to jointly respond to the climate crisis and cooperate in the low-carbon transition by providing competitive financial support.
Additionally, S-OIL and Shinhan Bank will mutually collaborate on various eco-friendly businesses in the future. In particular, they agreed to cooperate to secure policy funds for new eco-friendly facilities currently being developed by S-OIL, such as hydrogen, biofuels, and fuel cells.
S-OIL CEO Anwar Al Hizaji (right) and Shinhan Bank President Jung Sang-hyuk are posing for a commemorative photo after signing the 'ESG Financial Support Agreement for Low-Carbon Transition.'
View original imageS-OIL is promoting the 'Shaheen Project,' the second phase of its petrochemical project, aiming for completion in 2023.
Through the Shaheen Project, S-OIL plans to expand its petrochemical business beyond its fuel oil-centered operations, transforming the company's structure and achieving high energy efficiency to establish an outstanding low-carbon production system compared to peers in the industry.
It is also progressively advancing improvements in energy efficiency for existing facilities and entering eco-friendly new energy businesses.
An S-OIL representative stated, “With ESG financial support, S-OIL can stably carry out various investment projects to respond to the energy transition era and realize sustainable growth.”
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He added, “While maximizing profitability in existing business areas, we will actively promote new energy-related businesses such as hydrogen, fuel cells, and recycling to realize social value and keep pace with eco-friendly trends.”
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