The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    14 injured as escalator reverses at Sunae Station in Bundang

  • 3

    JYP founder to work as guest commentator for NBA finals on Korean cable

  • 5

    Heart transplant recipients tie the knot

  • 7

    Seoul Queer Culture Festival venue moved to Euljiro

  • 9

    S. Korea wins seat on UN Security Council for 2024-25

  • 11

    Dog meat traders condemn first lady, animal rights groups' push for ban

  • 13

    Yido bridges East, West via fusion cuisine in crafted ceramics

  • 15

    Rise in temperatures, solar radiation by 2100 inevitable: weather agency

  • 17

    Big events come in threes for Korean football

  • 19

    INTERVIEWSpaceX's Starlink in Kyiv is wake-up call for Seoul

  • 2

    RM to attend Seoul festival to mark BTS' 10th anniv.

  • 4

    BTS lifts veil on upcoming 10th anniversary event

  • 6

    Experts skeptical about effectiveness of S. Korea's UNSC seat to rein in NK

  • 8

    Gov't to launch intensive crackdown against foreigners committing drug crimes

  • 10

    Korea, Poland celebrate rollout of Warsaw's first FA-50

  • 12

    Samsung to unveil new foldable phones at Galaxy Unpacked in Seoul

  • 14

    Coupang, Baemin under pressure from radical labor groups

  • 16

    Apple's Vision Pro likely to accelerate Samsung's race in XR eyewear biz

  • 18

    Ad or song?: Coca-Cola Zero ad featuring NewJeans becomes marketing blueprint

  • 20

    3 KBO players fined, ordered to do community service for drinking during WBC

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
Fri, June 9, 2023 | 16:32
Companies
S-Oil to collaborate with Saudi Aramco on low-carbon energy development
Posted : 2022-01-19 17:42
Updated : 2022-01-19 19:07
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
S-Oil CEO Hussain A. Al-Qahtani, left, and Saudi Aramco's Vice President of Chemicals and Hydrogen Olivier Thorel pose after signing MOUs at 'Saudi Arabia ― Korea Investment Forum for Smart Innovation & Growth,' held at the Ritz-Carlton Riyadh, Tuesday. Courtesy of S-OIL
S-Oil CEO Hussain A. Al-Qahtani, left, and Saudi Aramco's Vice President of Chemicals and Hydrogen Olivier Thorel pose after signing MOUs at "Saudi Arabia ― Korea Investment Forum for Smart Innovation & Growth," held at the Ritz-Carlton Riyadh, Tuesday. Courtesy of S-OIL

By Kim Jae-heun

Local petroleum and refinery S-OIL said Wednesday that it has signed four memoranda of understanding (MOUs) with Saudi Aramco, aimed at collaboration in the alternative energy business, which includes Thermal Crude to Chemicals (TC2C) technology, research and development into the production of lower-carbon future energy and investment in venture capital.

The two companies agreed on the business partnership during the "Saudi Arabia ― Korea Investment Forum for Smart Innovation & Growth" event, held at the Ritz-Carlton Riyadh with the presence of government officials from the energy and industry ministries, as well as business representatives from both countries.

S-Oil and Saudi Aramco promised to actively explore potential cooperation in building infrastructure to store, supply and utilize competitive blue hydrogen and blue ammonia after bringing them into Korea. Such cooperation includes R&D on importing and supplying blue hydrogen and blue ammonia.

Moreover, both companies aim to pursue the production of hydrogen, the development of new carbon capture technology, plastic recycling technology, as well as research on carbon-neutral "e-Fuel." Areas of cooperation include potential joint investments in domestic venture companies specialized in new energy technologies or de-carbonization.

The deal signed by Saudi Aramco and S-Oil on blue hydrogen is a win-win model for the countries, which are aiming to solidify their positions as a global hydrogen energy producer and consumer.

"We articulated an ESG Roadmap and Green Initiative, to make sure our ESG practices not only serve the company well, but also all our stakeholders and communities at-large." said Hussain A. Al-Qahtani, the CEO of S-Oil in his New Year speech.

Last year, the company bought a 20-percent stake in fuel cell venture company FCI to make inroads into the hydrogen business. Additionally, it participated in the clean hydrogen project consortium with Samsung C&T and Korea Southern Power Co. (KOSPO) to accelerate its hydrogen business.


 
wooribank
Top 10 Stories
1Gov't to launch intensive crackdown against foreigners committing drug crimes Gov't to launch intensive crackdown against foreigners committing drug crimes
2Dog meat traders condemn first lady, animal rights groups' push for ban Dog meat traders condemn first lady, animal rights groups' push for ban
3[INTERVIEW] SpaceX's Starlink in Kyiv is wake-up call for Seoul INTERVIEWSpaceX's Starlink in Kyiv is wake-up call for Seoul
4Billy Graham Seoul Crusade celebrates 50th anniversary Billy Graham Seoul Crusade celebrates 50th anniversary
5Dollar remittance, foreign exchange rules to be eased Dollar remittance, foreign exchange rules to be eased
6Home gardening boom inspires plant adoption, specialized care services for leafy companions Home gardening boom inspires plant adoption, specialized care services for leafy companions
7Yoon's labor reform drive sputters as umbrella union exits talks Yoon's labor reform drive sputters as umbrella union exits talks
8Korean businesses seek tougher punishments for industrial espionage Korean businesses seek tougher punishments for industrial espionage
9Yoon calls for all-out efforts to win chip war Yoon calls for all-out efforts to win chip war
10Bookstore specializing in film is haven for readers and seaside lovers alike Bookstore specializing in film is haven for readers and seaside lovers alike
Top 5 Entertainment News
1'Leaving Las Vegas' director Mike Figgis puts Korea in spotlight in new film 'Leaving Las Vegas' director Mike Figgis puts Korea in spotlight in new film
2Netflix's new original 'Bloodhounds' to deliver cathartic actionNetflix's new original 'Bloodhounds' to deliver cathartic action
3White Cube to open space in Seoul White Cube to open space in Seoul
4Music festival brings attention to DMZ Music festival brings attention to DMZ
5China's hallyu restrictions likely to continue unless Seoul-Beijing ties improve China's hallyu restrictions likely to continue unless Seoul-Beijing ties improve
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group