Oil Refiners Participate in Costly Projects to Transform the Gas Pump Network for a Green Era

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[Source: SK energy]

South Korean oil refiners are accelerating their transition to an era of carbon neutrality by adding green energy services to their nationwide gas pumps, a move that is expected to gain traction under the new government led by President-elect Yoon Suk- yeol, which has committed to reducing the regulatory burden on petrol and LPG filling stations.

According to sources on Monday, SK Energy is working on a plan to add fuel cell installations to its 3,000 gas and LPG stations across the country by 2030, which is a massive project that requires multi-tier investment. billions of dollars. SK energy plans to finance more than 80% of the project through external investors, while allowing individual station owners to join in the investment for future profits.

The company already opened a so-called “super station” in Seoul’s southwestern Geumcheon district in March, the first equipped with a 300 kW rooftop fuel cell system capable of generating 2,500 MWh of electricity. electricity per year. The electricity, equivalent to 500 nearby homes, can power an electric vehicle up to 43,000 times.

Other Korean oil refiners such as GS Caltex, S-Oil and Hyundai Oilbank plan to use their unused gas pump land for energy platform business to offer a range of new services. GS Caltex is developing a green car ecosystem by transforming its gas filling stations into a total energy service center where not only combustion engine cars but also different types of green cars can power their vehicles. In 2020, the company launched a new energy station in Seoul’s southeastern Gangdong district to offer not only gasoline, diesel, LPG and electricity, but also hydrogen.

S-Oil began to explore new business models by adding car maintenance services for luxury brands, automatic car washes and fast electric vehicle charging services to its service stations.

Hyundai Oilbank is introducing a new nighttime self-service car wash at service stations under its direct control.

By Park Yoon-gu and Minu Kim

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]

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