S-OIL unveils Technical Service & Development Center in Seoul
South Korea’s S-OIL Corp. recently celebrated the completion of its Technical Service & Development (TS&D) Center, a move signaling a significant leap in future growth and sustainable energy development. Located in the Magok Industrial Complex in Seoul, the centre represents a substantial investment in research and development, with a focus on new energy and product technologies.
Major investment in research and development
The TS&D Center, constructed at a cost of KRW144.4 billion (USD111.3 million), spans a total area of 36,700 square metres. It comprises four above ground floors and two underground floors, equipped with cutting-edge research facilities. This centre is a testament to S-OIL's commitment to enhancing its research and development capabilities, particularly in the realms of petrochemicals, lubricants, and low-carbon energy solutions.
The inauguration ceremony, led by S-OIL CEO Anwar A. Al-Hejazi, underscored the company's vision to bolster its technology development capability in future business areas. Al-Hejazi emphasised the centre's role in minimising environmental impact and enhancing consumer safety, in line with global environmental regulations and the rising demand for high-quality, green products.
Park Duk-ryul, director general for Cross-Border Investment Policy at the Ministry of Trade, Industry and Energy in South Korea, highlighted the TS&D Center's critical role in achieving energy efficiency. He pointed out its significance in the Shaheen Project, a symbol of Korea-Saudi economic cooperation. The project, named after the Arabic word for falcon, is S-OIL’s ambitious plan to expand its petrochemical business and solidify its status as a clean energy and chemical company.
The TS&D Center is set to play a pivotal role in enhancing the company's new technology capability in the olefin downstream field. With the completion of the ongoing Shaheen Project in 2026, the center will oversee the mass production of olefin products, including HDPE and LLDPE.
Advancing lubricant technology for electric and hydrogen vehicles
In a forward-looking move, the centre will not only focus on lubricants for conventional combustion engine vehicles but also spearhead technology development for electric and hydrogen vehicles. This includes fluids that cool electric vehicle batteries, a market projected to grow rapidly. The centre's role in laying the foundation for technology development in new energy areas like clean hydrogen, ammonia, and biofuels is a strategic push for S-OIL.
The strategic location of the TS&D Center in Seoul, coupled with the support of its largest shareholder, Saudi Aramco, positions S-OIL to attract highly qualified personnel. This move is expected to stably secure the technology competitiveness of the Shaheen Project, which is the largest investment in Korea’s petrochemical history and a significant feat in bilateral economic diplomacy between Korea and Saudi Arabia.