S-OIL Publishes 17th ESG Report

'From Sustainability to Action!'... Sharing the Roadmap for Climate Change Response

Publishing Sustainability Reports Since 2008, Communicating ESG Management Efforts

S-OIL (CEO: Anwar Al Hejazi) has published the 2023 ESG Report in both Korean and English versions.

S-OIL Anwar Al Hizazi CEO.

This report contains the achievements in creating both financial value through management activities and non-financial value, including environment, society, and governance, over the past year.

2023 S-OIL ESG Report Cover.

S-OIL has been issuing ESG reports (Sustainability Reports) since 2008 to transparently disclose the company's major ESG and sustainability management status and achievements to stakeholders.

This 17th edition of the report, titled "Making Sustainability Feasible!", details the company's efforts to embed ESG elements into S-OIL's strategic framework and realize them through business activities, thereby contributing to sustainable development.

The report categorizes the company's ESG journey, along with specific initiatives and achievements undertaken to enhance ESG elements, into environment, society, and governance sections.

In particular, through the Shaheen Project, which aims to increase the proportion of the chemical business to 25% by 2030, the company seeks to shift from a fuel oil-centered business structure to expand its petrochemical business. It also expresses its commitment to pursuing various low-carbon solutions?such as carbon capture, utilization, and storage (CCUS) and hydrogen business?considering technological maturity and economic feasibility to achieve its strategic goal of eco-friendly growth in the mid to long term.

S-OIL conducted a double materiality assessment, reflecting various stakeholder surveys and interests, to consider both the impact of management activities on society and the impact of external ESG factors on the company. Through management review, seven core issues?including climate change response, industrial safety and health, and new business/research and development?were selected as key issues, and achievements were shared.

An S-OIL official stated, "This report focuses on sharing our efforts and goals for sustainable growth with stakeholders, based on S-OIL's newly established mission: 'We continuously innovate the value of resources for a cleaner, more convenient, and sustainable everyday life.' The overall objectivity of the report's content has been certified through third-party external verification."

Furthermore, ahead of mandatory domestic and international disclosures, the report was prepared with reference to the general requirements for sustainability-related financial disclosures (IFRS S1) established by the International Sustainability Standards Board (ISSB) under the International Financial Reporting Standards (IFRS) Foundation, to reflect global ESG disclosure standards and enhance the consistency and comparability of the report.

In terms of design, the cover was created using the infinity symbol (∞) to represent limitless potential, and included icons representing the company's growth drivers and key elements of new business areas, expressing the company's commitment to continuous growth as an eco-friendly energy and chemical company through ESG management.

The main ESG activities were intuitively designed for readability using clean and lively green color blocks and infographics.

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