SK Innovation is entering into a global partnership with its E&P subsidiary SK Earthon and a Malaysian partner company to launch a mangrove reforestation project in Malaysia.
According to an announcement, the company discussed cooperation plans to drive the mangrove reforestation project in Sarawak State, Malaysia, with key stakeholders involved in this collaboration, including SK Earthon, PETROS (Petroleum Sarawak Exploration and Production Sdn. Bhd.), the Asian Forest Cooperation Organization (AFoCO), and the Sarawak Forestry Corporation (SFC) at Kuching, Sarawak State, on September 12 (local time).
Through this global partnership, SK Innovation plans to expand its mangrove reforestation project to neighboring countries, including Malaysia, which started in Vietnam and Myanmar in 2018. SK Innovation has planted a total of 790,000 mangrove saplings across an area of approximately 226 hectares in Vietnam and Myanmar as of last year.
At the meeting, SK Innovation and global stakeholders engaged in heated discussions aimed at collectively finding solutions for biodiversity conservation and mutual growth with local communities in Sarawak State. Mangroves not only possess remarkable carbon dioxide absorption capabilities but also serve as natural habitats for various species. Therefore, they contribute to climate change mitigation and biodiversity conservation.
The reforestation project is currently being led by the AFoCO, while the SFC manages the area where mangrove saplings are planted. Leveraging its six years of experience in mangrove reforestation, SK Innovation will provide sustainable management solutions to this project.
Sarawak State is the area where SK Earthon propels oil block development and Carbon Capture & Storage (CCS) projects. In addition to economic value, SK Innovation aims to create social values through biodiversity conservation and mutual prosperity with local communities.
SK Earthon succeeded in winning its oil block bid for the first time in Malaysia in April last year and is currently exploring the “SK 427” oil block in partnership with PETRONAS (Petroliam Nasional Berhad), Malaysia’s national oil company, and PETROS, the E&P company owned by Sarawak State. Located in the Sarawak offshore, “SK 427” is considered to be highly promising for exploration due to the discovery of medium to large oil reserves in Sarawak and nearby regions.
Kim Kyoung-jun, Vice President of Southeast Asia Business Office of SK Earthon, said, “Following the exploration oil block in Malaysia last year, we are excited to embark on the mangrove reforestation project.” He added, “Utilizing the infrastructure that SK Earthon possesses, we will actively collaborate with local partner companies in creating environmental values.”