S-Oil Corp., Korea’s third-largest oil refiner, established a scholarship foundation Monday to support science studies and research, the firm said.

The S-Oil Science Prodigy and Culture Foundation will offer scholarships to outstanding science or engineering university students and fund research institutes’ projects. The firm will invest 2.1 billion won ($1.8 million) in the foundation this year, it said. 

“We established this foundation as part of an effort to return our profits to society. We’ll support academic research and offer scholarships to outstanding students, and thus nurture talents who will become next-generation leaders of our society,” said Ahmed A. Subaey, CEO of S-Oil.

“S-Oil will continue to provide much support for the foundation, and I hope Korea will have a Nobel Science Prize winner someday.”

The foundation also plans to promote academic exchanges with leading overseas institutions, including in the Middle East, to expand the country’s global academic and cultural networks, the firm said.

S-Oil appointed Oh Myung, executive director of Korea Advanced Institute of Science and Technology, as chairman of the foundation.

By Koh Young-aah (youngaah@heraldcorp.com)