S-Oil completes new $111M research center in Seoul

From fifth from left, Gangseo District Mayor Jin Gyo-hoon and S-Oil CEO Anwar A. Al-Hejazi participate in the tape-cutting ceremony for the Shaheen TS&D Center on Thursday. [S-OIL]

S-Oil completed its new Technical Service & Development (TS&D) Center dubbed Shaheen in Magok in western Seoul on Thursday.

The 144.4-billion-won ($111 million) project comprises four stories and two basement floors totaling 36,700-square-meters of ground space.

The center will house cutting-edge research and development facilities, office spaces, an auditorium and a promotion hall. The company expects the new center to play a pivotal role in developing technology related to high-quality petrochemical and lubricant products for eco-friendly vehicles and more.

It will also lead the research on fluids that contribute to lowering the temperature of EV batteries and servers.

“The TS&D Center will work to minimize the impact that our products have on the environment and enhance consumer safety amid tightening environmental regulations globally and growing expectations for high-quality, green products. It will position itself as the cradle of creative technology development, which will initiate sustainable growth,” said S-Oil CEO Anwar A. Al-Hejazi.

Earlier this year, S-Oil launched the 9-trillion-won Shaheen Project in Korea which involves building a petrochemical production facility in Ulsan by 2026. It was the largest investment made by Aramco in Korea, which owns 63.4 percent of S-Oil.

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