November 26, 2024

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Korean government officials and S-Oil representatives, including S-Oil CEO Anwar al-Hejazi (sixth from left), cut tape at the completion ceremony of S-Oil's Technical Service & Development Center in western Seoul on Thursday. (S-Oil)

South Korean oil refiner S-Oil said Thursday that the company has completed the construction of the Technical Service & Development Center in western Seoul to strengthen its future business areas with sustainability.

“The TS&D Center will work to minimize the impact of our products on the environment and to enhance the safety of consumers amid tightening environmental regulations globally and growing consumer expectations of high-quality and green products and it will position itself as the cradle of creative technology development, which will initiate sustainable growth,” said S-Oil CEO Anwar al-Hejazi.

S-Oil, owned by Saudi Arabia’s state-run oil producer Aramco, invested 144.4 billion won ($111.2 million) to build the six-story, 36,700-square-meter facility. The oil refiner said the new facility, along with the polymer and lubricant research sites constructed in 2017, will play a pivotal role in developing high-value-added petrochemical and lubricant products and securing technology in the low-carbon energy sector.

In particular, the TS&D Center will focus on advancing the company’s technological capabilities in the olefin downstream field to prepare for mass-produced olefin once the Shaheen project, a $7 billion petrochemical project in Ulsan, is completed in 2026. The Shaheen project is the single largest investment by Saudi Aramco in Korea.

The facility will also be in charge of developing products tailored to fit customer needs such as such as high-density polyethylene and linear low-density polyethylene. S-Oil said it plans to continue increasing the number of research personnel to enhance R&D capabilities.

By Kan Hyeong-woo  (hwkan@heraldcorp.com)