S-OIL Signs Eco-Friendly Raw Material Supply Agreement with Olsu

Waste Cooking Oil Collection Startup Olsu Signs 120-Ton Eco-Friendly Raw Material Contract

To Be Used as Co-Processing Feedstock for Sustainable Aviation Fuel Production

S-OIL (CEO: Anwar Al Hejazi) has agreed to receive 120 tons of waste cooking oil from Olsu, an online waste cooking oil collection platform company.

S-OIL plans to use the waste cooking oil supplied by Olsu for co-processing in the production of Sustainable Aviation Fuel (SAF).

As part of its efforts to strengthen ESG management and contribute to the creation of a resource circulation ecosystem while promoting win-win cooperation with startups, S-OIL invested 700 million KRW in Olsu for equity in November 2022.

Olsu is an eco-friendly company that has developed an online collection platform to improve the previously opaque and outdated waste cooking oil collection system. By systematizing the domestic and international waste cooking oil collection market, Olsu increases the recycling rate of waste cooking oil.

Olsu has developed a dedicated app that allows restaurants, franchise companies, and other food service businesses to trade waste cooking oil at market prices through an auction system and operates a designated matching platform that directly connects collection partners with restaurants. Since last year, Olsu has also established a collection center in Siheung, Gyeonggi Province, to collect waste cooking oil directly.

S-OIL plans to strengthen its partnership with Olsu and continue efforts to build a sustainable raw material supply chain.

President Ryu Yeol stated, "We will do our best to transform into a clean energy supplier that contributes to building a resource-circulating economy by supplying eco-friendly energy and resource-circulating products, including the expansion of the SAF ecosystem. We will continue to seek win-win opportunities through various cooperation models with startups such as Olsu."

S-OIL is leading the market among domestic refiners by taking the initiative in the entire process from production to supply of SAF. In January this year, S-OIL became the first in Korea to successfully produce low-carbon eco-friendly products by processing bio-based feedstocks such as waste cooking oil in its existing refining facilities, and also obtained ISCC certification, the international standard for sustainable aviation fuel.

In August, S-OIL became the first in Korea to begin supplying SAF once a week to regular passenger flights of Korean Air, and in September, expanded SAF supply to regular passenger routes of Asiana Airlines and T'way Air.

S-OIL Anwar Al Hizazi CEO.

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