[Asia Economy Reporter Oh Hyung-gil] S-OIL announced on the 28th that it plans to contribute to the formation of a virtuous cycle in the waste oil recycling market by investing 700 million KRW in Allsu, an online platform for waste oil collection.
Allsu is a startup that modernizes the opaque and outdated existing waste oil collection system by utilizing IT technology. It operates an eco-friendly online platform that systematizes the domestic and international waste oil recycling market and increases the recycling rate of waste oil.
With this investment, S-OIL expects to lead the practice of ESG (Environmental, Social, and Governance) management and contribute to promoting win-win cooperation with startups.
An S-OIL official said, "We plan to pursue direct and indirect investments and collaborations with various eco-friendly startups," adding, "Through this, we will actively support innovative ideas with positive ripple effects to fulfill the company's social responsibility."
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