Pyeongchang 2018 has added to its list of domestic sponsors for the Winter Olympic and Paralympic Games after signing a deal with S-OIL Corporation ©Pyeongchang 2018

Pyeongchang 2018 has added to its list of domestic sponsors for the Winter Olympic and Paralympic Games after signing a deal with S-OIL Corporation today.

The company, founded in South Korean capital Seoul in 1976, will be the official supplier of oil products for the Games in two years’ time.

As part of the sponsorship, S-OIL will be granted the rights to use the Pyeongchang 2018 emblem and other promotional material associated with the Games.

The agreement bolsters the sponsorship portfolio ahead of the Games in 2018, the first-ever edition of the winter event to be held in South Korea.

It was officially signed at a ceremony, attended by Organising Committee President Cho Yang-ho and S-OIL Corporation chief executive Nasser Al-Mahasher, at the Pyeongchang 2018 headquarters in Seoul.

“We deeply appreciate S-OIL's decision to join the sponsorship programme,” Cho said.

“S-OIL's support will be instrumental across all areas of Games operation and we are confident that this relationship will help us propel our preparation forward.”

Pyeongchang 2018 President Cho Yang-ho welcomed S-OIL to the sponsorship programme
Pyeongchang 2018 President Cho Yang-ho welcomed S-OIL to the sponsorship programme ©Getty Images

Al-Mahasher believes the Winter Olympics and Paralympics in South Korea will provide huge benefit to the region and the country and is delighted his company have joined the sponsorship effort.

“We decided to join the POCOG (the Pyeongchang Organizing Committee for the 2018 Olympic and Paralympic Winter Games) family as a supplier to add support for the successful hosting of the Pyeongchang 2018 Olympic Winter Games, which will open new horizons for winter sports throughout Asia," he said.

The news comes after Pyeongchang 2018 penned a domestic sponsorship agreement with multinational retail conglomerate Lotte Group during the visit of the International Olympic Committee (IOC) Coordination Commission last month.

Cho was hoping the partnership with Lotte will persuade other leading South Korean companies to throw their support behind the Games by signing on as partners of the event.

The lack of sponsorship of the Games was previously highlighted as a key concern of the IOC.

Pyeongchang 2018 is also in discussions with the food, chemicals and shopping corporation regarding potential support from the retailer for the licensing programme for the Games.