Eneos Corporation and SK Innovation along with multiple subsidiaries of SK Innovation, announced a conclusion of Memorandum of Understanding (MOU) designed to consider collaboration towards energy supply stabilization and energy decarbonization.

Eneos and SK Innovation executives met in Seogwipo, Jeju Island, South Korea, on October 31 (KST) to sign an MOU reflecting on their past business cooperation achievements and reaffirming their intention to consider future collaboration.

The objectives of this MoU is to jointly develop and commercialize technologies that contribute to low-carbon energy such as SAF (Sustainable Aviation Fuel) and carbon capture and recovery, enhance oil business competitiveness through oil product supply and facility operation cooperation, and the development of new businesses in petrochemicals and lubricants.

Eneos and SK Innovation are the largest oil refining and petrochemical products sales companies in Japan and South Korea respectively. The two companies have built a long-term cooperative relationship, including the establishment of joint ventures for lubricant base oil production and paraxylene production, based on a strategic business alliance mutually agreed in January 2007.

During the executives meeting held on October 31, both sides agreed that there are common management issues in the recent business environment. ENEOS, which is taking on the challenge of achieving both “stable supply of energy and materials” and “realization of a carbon-neutral society,” and SK Innovation, which announced its key corporate strategy as “Carbon to Green,” have agreed to expand the scope of cooperation and jointly consider these issues.

Eneos and SK Innovation will continue to take on the challenge of contributing to the stable supply of energy and the realization of a carbon-neutral society.