SK Energy Co Ltd, a subsidiary of the group, was the first oil company established in South Korea and remains the largest in the region today. Producing refined petroleum products at its Ulsan Complex, SK Energy has a refining capacity of 840,000 barrels of crude oil per day and sells its products to both domestic and overseas markets.
SK Energy believes carbon offsets will play an essential role in the decarbonisation of the petroleum industry and have partnered with Macquarie to enable the delivery of carbon-neutral refined petroleum products to end consumers in South Korea.
Macquarie will provide carbon accounting services through a partner platform that will assess the full lifecycle of the refined products produced at the Ulsan refinery, including oil extraction, transport, storage, shipping, refining and eventual combustion.
Macquarie will retire the offsets on behalf of SK Energy based on their sales of carbon-neutral gasoline and diesel to motorists at the pump as well as sales of carbon-neutral marine and aviation fuel in South Korea.
Managing Director, Commodities and Global Markets