November 28, 2024

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S-Oil President Ryu Yul (third from right) visits CES 2023’s S-Oil booth for the presentation of venture companies’ products that were supported by S-Oil. (S-Oil)

S-Oil President Ryu Yul attended CES 2023 in Las Vegas where the Korean oil refiner announced its transformation into a future clean energy supplier.

In the company's booth installed in the world's largest consumer electronics exhibition, S-Oil introduced venture companies that it has directly invested in search of new business opportunities.

“By experiencing new future technologies on the ground, participating in CES has been a great opportunity to consider the strategies S-Oil should take as a clean energy supplier in a changing environment,” the president said.

The firms include flexible battery maker Revest and eco-friendly construction material manufacturer Beomjun E&C. Ryu promised active support regarding the companies’ growth and promotion in the future.

“This will be a great help for S-Oil to secure insights for digital transformation and seek future directions for new business models amid the increasing demand for clean energy sources and automobile electrification," Ryu added.

Through its long-term growth strategy "Vision 2030," S-Oil suggested that it will maximize profitability of its existing refining, petrochemical, and lubrication oil businesses, while also entering new businesses such as hydrogen, fuel cells, and plastic recycling to drive the company's sustainable growth.

By Kim So-yeon (sera13@heraldcorp.com)