S-Oil will make a foray into hydrogen, fuel cell and recycling businesses as part of its strategy to transform into a total energy-to-chemical company by 2030, it said Sunday.

CEO Hussain A. Al-Qahtani unveiled the new growth strategy, dubbed “Vision 2030,” detailing the Korean refinery’s response to the global trend of energy transition and carbon neutrality.

To keep in line with South Korean government’s plan to curb carbon emissions, the company laid out an investment road map that minimizes carbon emissions. Also, the company plans to continue nurturing its petrochemical segment to double its current size.

To this end, following the completion of 5 trillion won ($4.5 billion) New Complex project in 2018, the company’s newly launched Shahee Project is expected to boost the ratio of non-fuel petrochemical products out of the company’s total production volume to 25 percent for the current 12 percent.

“We will make sure to achieve Vision 2030 by exploring potential opportunities for growth through continuous strategic reviews,” S-Oil CEO Hussain A. Al-Qahtani said.

By Kim Byung-wook (kbw@heraldcorp.com)