The regulatory sandbox program provides exemptions for regulations governing new products, services, and solutions, facilitating the rapid development and commercialization of emerging technologies for a specified period. Monitored by the government, this program allows for adjustments and optimizations based on societal benefits, leading to eventual commercialization.
S-OIL said that the company received the government's green light to proceed with the regulatory sandbox program for bio-based fuel development on December 27. For the next two years, the company will test and demonstrate the usage of bio-based materials including used cooking oil by processing them in S-OIL's oil refining procedure. Bio-based fuels can be used to reduce dependency on fossil fuels.
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