S-Oil Receives Regulatory Sandbox Approval for 'Bio-based Raw Material Processing'

S-Oil announced on the 27th that it has received government approval for a regulatory sandbox exemption it applied for to process bio-based raw materials such as animal and vegetable oils in its petroleum refining process.

The regulatory sandbox is a system where the government grants companies exemptions from existing regulations, allowing them to quickly challenge new industries within limited areas.

With this approval, S-Oil can actively promote the production of bio-based fuel oil and petrochemical raw materials by processing waste-based bio raw materials such as waste cooking oil in the petroleum refining process during the two-year demonstration project period.

As a raw material procurement strategy, S-Oil has been preparing for new energy business initiatives by investing in shares of Olsu, a waste cooking oil collection company, last year. In July, it also received approval for a demonstration sandbox exemption for pyrolysis oil from waste plastics, accelerating its low-carbon eco-friendly new energy business.

S-Oil stated, "We plan to expand the production volume of eco-friendly products by adjusting the mixing ratio of new alternative raw materials such as bio-based raw materials and pyrolysis oil from waste plastics, while evaluating overall product yield changes and process impacts. We will also pursue obtaining the International Sustainability and Carbon Certification (ISCC) for products produced based on alternative raw materials."

Exterior view of S-Oil headquarters in Mapo-gu, Seoul [Photo by S-Oil]

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