S-Oil teams up with Noh & Partners to create waste plastic recycling fund

[Courtesy of S-Oil]

South Korea’s oil refining company S-Oil Corp. has joined hands with Noh & Partners Corp., a private equity firm focusing on environmental, social, and corporate governance (ESG) initiatives, to take a step towards environmental restoration.

S-Oil announced Wednesday that it signed a Resource Circulation ESG Fund Creation Agreement with Noh & Partners with an aim of extending technical analysis, support, facility improvements, and financial solutions to small and medium-sized enterprises throughout the entire value chain of plastic recycling.

S-Oil and Noh & Partners will also establish a fund targeting institutional investors such as pension and mutual aid funds.

The fund will focus on companies involved in the production of pyrolysis oil derived from recycled plastics. The objective is to contribute to a circular economy by refining pyrolysis oil produced by domestic SMEs into gasoline or basic petrochemical raw materials within refining and petrochemical facilities.

“The government is formulating policies regarding plastic recycling, particularly focusing on pyrolysis technology, in line with the nation’s net-zero plans for 2050,” said S-Oil CEO Ryu Yeol. “Leveraging S-Oil’s petroleum refining technology, we aim to contribute to the completion of a circular economy through plastic recycling.”

Noh & Partners brings expertise in ESG investments, having previously invested in WCP, a specialized manufacturer of battery cell separators, a crucial component in secondary batteries.

Ryu and Noh & Partners CEO Noh Kwang-geun are alumni of the ESG Leadership Program, the first CEO-focused ESG education program in Korea organized by Maeil Business Newspaper and Green Fund.