Oil Refining Industry to Invest 6 Trillion Won in Eco-Friendly Fuels by 2030

Choi Nam-ho, 2nd Vice Minister of Industry, Holds Meeting with Oil Industry Representatives

The domestic refining industry has decided to invest 6 trillion won in eco-friendly fuels by 2030.

On the 24th, Choi Nam-ho, Vice Minister of the Ministry of Trade, Industry and Energy, met with the four major domestic refiners to discuss key issues in the petroleum industry this year and future development directions. Attending from the refining industry were Oh Jong-hoon, CEO of SK Energy; Ryu Yeol, President of Strategy and Management at S-Oil; Joo Young-min, CEO of HD Hyundai Oilbank; and Kim Jung-soo, Vice President of GS Caltex.

An official from the Ministry of Trade, Industry and Energy explained, "This event was organized to directly communicate with the petroleum industry, which is facing changes and challenges in the transition to eco-friendly energy amid ongoing uncertainties in the global energy market, and to seek solutions to strengthen competitiveness."

Choi Nam-ho, Vice Minister of the Ministry of Trade, Industry and Energy (second from the left in the photo), is presiding over a meeting of representatives from the petroleum industry on the 24th at the Conference House Dalgabbi Meeting Room in Jung-gu, Seoul. Attendees include Oh Jong-hoon, CEO of SK Energy; Ryu Yeol, President of Strategy and Management at S-Oil; Joo Young-min, CEO of HD Hyundai Oilbank; and Kim Jung-soo, Vice President of GS Caltex, along with other officials from the four major domestic oil refining companies. Photo by Ministry of Trade, Industry and Energy

Vice Minister Choi emphasized the industry's active role in stabilizing petroleum prices, stating, "Petroleum is an essential consumer good with a significant share in the livelihood economy, and price stability is crucial for the public to feel the recovery of their daily lives." He further requested, "With the legal and institutional foundation for promoting eco-friendly fuels established through the revision of the Petroleum Business Act, the industry should respond with more bold investments."

In response, the petroleum industry agreed on the necessity of stable petroleum supply and price stability and announced plans to invest approximately 6 trillion won in the eco-friendly fuel sector by 2030 to respond to global environmental regulations and create new growth engines.

During the meeting, challenges faced by the petroleum industry such as fuel procurement, strengthened tax support, technology development support, and regulatory improvements were discussed, and it was agreed that the public and private sectors will continue to communicate and cooperate for prompt problem-solving.

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