SK Innovation : and ENEOS sign MOU on Strategic Cooperation

ENEOS Corporation (Representative Director and President: Takeshi Saito, "ENEOS") and SK Innovation Co., Ltd (Vice Chairman & CEO: Kim Jun; "SK Innovation"), along with multiple subsidiaries⁽¹⁾ of SK Innovation, announced today a conclusion of Memorandum of Understanding ("MOU") designed to consider collaboration towards energy supply stabilization and energy decarbonization.(1) SK Energy, SK Geo Centric, SK Enmove, and SK Trading International

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.

[Photo] Executives from both companies, including SK Innovation Vice Chairman & CEO Kim Jun and ENEOS President Takeshi Saita (5^th and 6^th from the left), take a commemorative photo after signing an MOU on the cooperation plan agreed upon at the management meeting. Kang Dong-soo, Head of Portfolio Divisional Group of SK Innovation, SK Geo Centric CEO Na Kyung-soo, SK Enmove CEO Park Sang-kyu, and SK Trading International CEO Suh Sok-won (1^st, 3^rd, and 9^th from the left) were also in attendance of the MOU signing in Seogwipo, Jeju on October 31 (local time).