S-OIL receives regulatory exemption for processing of bio-based raw materials through refining process

SEOUL -- S-OIL, one of South Korea's major oil refiners, has secured government approval to demonstrate the processing of bio-based raw materials, including animal and plant-based oils, within its existing petroleum refining process. This regulatory approval, granted through the sandbox program, allows the refiner to assess the effectiveness of bio-based fuel and chemical production techniques.

The regulatory sandbox program provides exemptions for regulations governing new products, services, and solutions, facilitating the rapid development and commercialization of emerging technologies for a specified period. Monitored by the government, this program allows for adjustments and optimizations based on societal benefits, leading to eventual commercialization.

S-OIL said that the company received the government's green light to proceed with the regulatory sandbox program for bio-based fuel development on December 27. For the next two years, the company will test and demonstrate the usage of bio-based materials including used cooking oil by processing them in S-OIL's oil refining procedure. Bio-based fuels can be used to reduce dependency on fossil fuels.

Park Sae-jin swatchsjp@ajunews.com