S-Oil makes investment in Glory & TechS-Oil will invest in a local start-up and earn certified emission reduction (CER) credits worth 13,000 tons a year, the oil refiner said Monday.
The start-up to receive the investment is Glory & Tech. Based in Seoul, this four-year-old company establishes clean water systems and new energy generators in developed countries. S-Oil’s investment will be used for setting up a water system in Bangladesh.
“Climate change is a major task for S-Oil,” the company said in a statement. “We’ve implemented the initiative in our management system to systematically reduce greenhouse gases and install monitoring systems to discover points of improvement.”
S-Oil managed to reduce greenhouse gas emissions produced by its Ulsan plant by 6 percent on year in 2019. In 2018, the company made changes so that its boilers in the Ulsan plant can work on liquefied natural gas (LNG) instead of Bunker C oil, which has a larger environmental impact.
BY SONG KYOUNG-SON [firstname.lastname@example.org]