S-Oil inked an investment deal with modified sulfur maker Beomjun E&C to foray into new fields that can create synergy with its refining, lubricant, and petrochemical businesses.

The company also seeks mutual growth with small and medium-sized enterprises (SMEs).

Beomjun E&C uses byproduct sulfur generated from refining processes to produce hydraulic modified sulfur to be used in high-performance asphalt and concrete.

S-Oil had invested in four domestic startups. These were artificial intelligence-based industrial solutions firm OnePredict, flexible battery maker LIBEST, polyimide filmmaker IPITECH, and clean development mechanism firm Glory & Tech.

An S-Oil official revealed that they are considering making additional investments in firms related to smart factories, high-tech material, batteries, and carbon emission reduction.

The company intends to enter new markets like hydrogen, fuel cell, and recycling in its 2030 plan.