Substantial Contributions to Economy and Quality of Life in Korea, Major Aim of S-Oil
In partnership with Hanjin-Kal, the oil refinery also aims to bring Saudi Arabia and Korea close on economic cooperation
CEO Nasser Al Mahasher of S-Oil.
Established in 1976, S-OIL has grown into a leader of the domestic refining industry, making substantial contributions to the economy and quality of life in Korea through stable energy supply and petroleum export. Today, S-OIL is proudly positioned as a global player with world-class competitiveness, leading the advancement of product quality through pre-emptive investments in upgrading facilities ahead of other refiners and also successfully constructing large scale petrochemical facilities in the face of the global economic crisis. In addition, concrete progress has been made on a variety of areas, including renewable energy business and safe, pleasant work environment for employees, said CEO Nasser Al-Mahasher.
S-OIL has grown into one of the most competitive oil refiners in the Asia-Pacific region by establishing profitability-oriented management strategies and nurturing dynamic and progressive spirit in the management. The company operates the oil refinery facility with the capacity of 580,000 barrels per day(BPD), and other facilities that can produce petrochemicals and lube base oil in the Onsan Refinery in Ulsan. S-OIL is strengthening its status as a leader in protecting customers and the environment by producing and supplying the best quality oil products based on the world-class Bunker-C Cracking Center(BCC) and the Xylene Center, a PX plant with the world’s highest production capacity for a single facility.
S-OIL does not and will not settle for the present. We will stay nimble and strategically respond to the ever-changing energy market so as to solidify our presence in the global marketplace as well as in the domestic market. Under the mission of “profitable, sustainable growth.’ S-OIL set up three strategic directions--the expansion of refining business, the integration with petrochemical business and the foray into renewable energy business and pursues innovation and growth from short and long-term perspective.
S-OIL has been successfully operating the large and advanced BCC since the mid-1990s, more than 10 years faster than its competitors. Based on this BCC, the company has dramatically enhanced its competitiveness and profitability and is maximizing its efficiency by pursuing production and marketing strategies that connect the domestic and overseas markets.
In addition, S-OIL has focused on advancing into foreign markets from early on, shedding the conventional concept of the Korean oil industry as a domestic industry. As the result, it is playing a leading role in turning the Korean oil industry into the high-value-added export industry by exporting more than 60% of its annual production.
S-OIL built the second aromatic complex that can produce petrochemicals, and began its commercial operation in June 2011, to maintain the current competitiveness secured with advanced investment in the refinery and lube sectors and also to increase profitability. By successfully completing the construction work through three years of planning, design, and construction, and delivering high-purity products at home and abroad, S-OIL has built the foundation to develop into a blue-chip company with the largest competitiveness in the petrochemical sector.
S-OIL has stably delivered oil products in the Korean and overseas markets based on the reliable crude supply from its partner since 1991, the world’s largest oil company Saudi Aramco. The company also brought the Hanjin Group, a global logistics and transportation player, as its new Korean partner in April, 2007, which gave it an opportunity for a leap forward through strong synergy effects. S-OIL, which is being acclaimed for its successful economic cooperation model between oil producing and consuming nations, is contributing greatly to strengthening the economic collaboration between Korea and Saudi Arabia through its strategic partnership with the Hanjin Group.
In order to realize its vision “the most competitive oil refiner in the Asia-Pacific region,” S-OIL has selected and pursued three clear strategic directions: ‘further investment in the refining business,’ ‘integration with the petrochemical business’ and ‘seeking renewable energy business.’ The company is also on its way to achieving its ultimate mission of “Sustainable, Profitable Growth.”