S-Oil Total Yulhwayu → S-Oil Total Energies Yulhwayu Company Name Change

[Asia Economy Reporter Moon Chaeseok] Lubricant company S-Oil Total Lubricants announced on the 14th that it changed its company name to "S-Oil Total Energy Lubricants Co., Ltd." starting from the 29th of last month. The company is a joint venture between S-Oil and the global multi-energy company TotalEnergies.

The company explained that the name change was made following a resolution at the shareholders' meeting and board of directors on the 29th of last month. The trigger was Total's name change to TotalEnergies last May, aiming to transform into a comprehensive energy company contributing to the sustainable development of the planet.

The company stated that it plans to lead the domestic lubricant market with this name change as an opportunity. As a joint venture between S-Oil, the world's second-largest base oil producer, and TotalEnergies, which produces petroleum, biofuels, and renewable energy, it plans to enhance synergy effects. It will continue to produce lubricants centered on its two major brands, "S-Oil Seven" and "Quartz."