SK Innovation-Eneos ‘Low-carbon Korea-Japan cooperation’

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Collaborating with Japan’s largest energy company for 20 years
It started with a research meeting and progressed to a management meeting.
Sustainable aviation fuel joint project, etc.
Meet with top management to discuss new business development

At the SK Innovation-Eneos management meeting held in Seogwipo, Jeju on the 31st of last month, executives from both companies, including SK Innovation Vice Chairman Kim Jun (third from the left) and ENEOS President Takeshi Saito (fourth from the left), signed a business agreement (MOU) on cooperation. Taking a commemorative photo after signing the contract. Provided by SK Innovation

SK Innovation held a management meeting with ENEOS, Japan’s largest comprehensive energy company, for the first time in four years. The two companies agreed to strengthen cooperation that began in 2004 and has continued for 20 years, while also cooperating on new business projects such as the development of low-carbon energy sources.

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SK Innovation announced on the 1st that executives of both companies held a management meeting in Seogwipo, Jeju on the 31st of last month and strengthened their commitment to cooperation. This meeting was suspended from 2020 to 2022 in the aftermath of the novel coronavirus infection (Corona 19), but was held offline this time. Top executives from both companies, including SK Innovation Vice Chairman Kim Jun and Eneos President Takeshi Saito, attended the meeting.

At the meeting on this day, the two companies signed a business agreement that includes the following: △ joint development of low-carbon energy sources △ strengthening the competitiveness of the oil business through cooperation in supply and demand of petroleum products and facility operation △ developing new businesses related to the circular economy and carbon reduction in the chemical and lubricant business. MOU) was signed.

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Specifically, the two companies decided to share capabilities and technologies and explore projects together in the field of low-carbon energy source development, such as sustainable aviation fuel (SAF) and carbon capture and utilization (CCUS). In the oil business, we plan to actively respond to changes in market conditions by establishing a continuous cooperation system for optimal operation of SK Energy Ulsan Complex (CLX) and Eneos oil refinery facilities in Japan.

In the chemical and lubricant business, the scope of cooperation will be expanded to new businesses based on the successful joint venture operation experience of the two companies, including Ulsan Aromatics (UAC) and Yubase Manufacturing Asia (YMAC). SK Geocentric plans to promote cooperation in the circular economy and carbon reduction in the petrochemical sector, and SK N-Move in immersion cooling and waste lubricant upcycling projects.

Cooperation between the two companies dates back to 2004. JX Energy and SK Innovation, the predecessors of Eneos, began holding research meetings, including seminars for executives from both companies. A consensus was reached on the fact that the oil refining business environments of the two countries are similar, with all of the required crude oil imported by sea, refined and consumed within the country.

Kim Jun, Vice Chairman of SK Innovation, said, “The long-term cooperation between Korea and Japan’s leading energy companies with similar business conditions has led to mutual growth in the overall energy business, including oil refining, chemicals, and lubricants.” He added, “The cooperation between the two companies for carbon reduction has helped both Korea and Japan grow.” “I hope that it will serve as a catalyst to lead the era of ‘Carbon to Green’.”

Source: Donga

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