S-OIL, KED to support partner companies in embracing ESG principles

Asia's Tech News Daily

S-OIL, KED to support partner companies in embracing ESG principles

S-OIL CEO Hussain Al-Qahtani / Courtesy of S-OIL

By Kim Jae-heun

S-OIL will join hands with Korea Enterprise Data (KED) to support its business partners in adopting ESG (Environmental, Social and Corporate Governance) management principles.

The two parties met at S-OIL’s headquarters in Mapo District, Seoul to sign the contract on Wednesday.

S-OIL will invent an evaluation model specialized in ESG principles and use it to educate its 130 partner companies. The refiner will use the model to help the companies enhance their risk-management capabilities.

S-OIL has embraced ESG management practices as an eco-friendly chemical firm by establishing an in-house committee and a “Green Vision” project in order to realize carbon neutrality.

In addition, S-OIL said that it aims to prevent environmental accidents while ensuring ethical management.

“The agreement is part of our ESG management activities, upon which we will build a long-term mutual growth relationship with our partner companies,” an S-OIL official said.

Meanwhile, S-OIL has received the “2021 Brand Award of the Year,” presented by the Korea Advertising Society.

S-OIL has been increasing its brand value by conducting social campaigns and brand marketing.

The refiner changed its corporate logo, which is displayed at its gas stations, to emphasize nature, recyclable materials and eco-friendliness.

It is also conducting credit card marketing promotions based on its members at its 2,500 gas stations and LPG charging stations across the country.

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