SK Innovation joins EU CSS technology group

[NEWS1]

SK Innovation and oil-refining subsidiary SK Energy joined a European Union (EU)-funded research project that studies carbon capture and storage (CCS) technology.

The companies said Wednesday that they have agreed to participate in the 7-million-euro EU Realise project from Feb. 25 to April 30.

SK Innovation and SK Energy will join 14 EU-based entities, including Norwegian research institute Sintef, Norwegian energy company Equinor and Dutch research organization TNO and two Chinese entities, Xinghua University and Dunhua Oil.

CCS technology is considered one of the effective ways for oil refineries to lower carbon emission by capturing carbon dioxide emitted into the air formed while burning fossil fuels.

“SK Innovation and SK Energy expect participation in the project will allow us to secure global insight related to CCS and explore global business opportunities,” SK Innovation said in a statement on Wednesday.

SK Innovation, an oil refiner and electric vehicle battery maker, has been ramping up its decarbonization efforts amid the global race towards carbon neutrality.

Earlier this week, the company said it will sell stakes in its U.S.-based shale oil sites to reorganize its business portfolio.

SK E&P America will finalize a deal this month to sell all of its stakes in shale gas assets in Oklahoma and Texas and related facilities to Texas-based BenchMark Energy.

BY JIN EUN-SOO [jin.eunsoo@joongang.co.kr]