SK Innovation to invest $3.5 billion in Ulsan complex by 2027 for net-zero emission

By Park Jae-hyuk, The Korea Times - Twisted oil pipelines longer than the distance between the Earth and the Moon are coiled up inside Korea's oldest refinery that sits on an 8-million-square-meter industrial complex in this southeastern port city.

Rusty steel frames and worn-out factory buildings attest to the age of the industrial complex dating back six decades. Accommodating SK Innovation's three affiliates ― SK Energy, SK Geo Centric and SK Lubricants ― the Ulsan Complex (CLX) refines 840,000 barrels of crude oil every day, producing high-quality lubricants and raw materials for petrochemical products. At first glance, the plants spewing steam through smokestacks seem to be far from eco-friendly.

SK Innovation, however, has already started transforming the factories into green plants, with the aim of achieving the goal of net-zero emission by 2050. SK Group Chairman Chey Tae-won, who visited the complex in March, also emphasized that it has the ability to produce carbon-free energy based on electricity, hydrogen and energy storage systems (ESS). "It will create more opportunities," the chairman said at that time.

From that standpoint, SK Innovation unveiled a plan to invest 5 trillion won ($3.5 billion) into Ulsan CLX by 2027 for its net-zero vision, during a press conference held in the city last Thursday on the occasion of the company's 60th anniversary. "In order to achieve net zero, we have reduced carbon emissions by improving our manufacturing processes and transforming fuels. We have also continuously discovered new technologies related to carbon reduction," said Yoo Jae-young, head of Ulsan CLX. "Based on our experience of supplying energy to Korean people over the past 60 years, Ulsan CLX has sought to produce eco-friendly materials and recycle waste plastic using carbon-free energy."

In particular, SK Geo Centric plans to build an advanced recycling cluster on a 215,000-square-meter land in Ulsan CLX by the second half of 2025, in order to recycle 250,000 tons of waste plastic every year. "Once the cluster is built, it will create 260 new jobs," an SK Geo Centric official told reporters at the construction site. "We have also joined hands with foreign partners to recycle waste plastic chemically." 

Ulsan has welcomed SK Innovation's efforts to go green. "When people think of Ulsan, they regard it as a polluted city, but it isn't anymore," said Noh Dong-wan, head of the Ulsan Metropolitan Government's innovative industry bureau, who attended the press conference on behalf of Ulsan Mayor Kim Doo-kyum. "Ulsan now claims to be an eco-friendly city, and SK has contributed to the city's efforts."

The conglomerate and the city government's friendship is also symbolized by the Ulsan Grand Park, which was donated in 2006 by SK Group to fulfill a promise made in 1995 by late SK Group Chairman Chey Jong-hyon, father of the incumbent chairman.

In order to celebrate SK Innovation's 60th anniversary, a large screen and an exhibition booth installed near the entrance to the park displayed the history of the oil refiner, which was formerly the state-run Korea Oil Corp. The company also held various events for Ulsan citizens visiting the park.

Source: www.koreatimes.co.kr/www/tech/2022/10/419_337502.html 

• SHARE
• 페이스북으로 보내기
• 트위터로 보내기
• 구글플러스로 보내기