CEO Hussein al-Qatani of S-Oil. (Photos: S-Oil)

As refineries suffer from hardships caused by pandemic-related sluggish international crude oil and refinery margins, they are looking for profit-taking opportunities through diversification.

Last December, S-Oil committed itself to “Vision 2030” and long-term strategies, such as energy conversion and carbon neutrality.

S-Oil was the sole refinery in Korea to report a profit in the fourth quarter of last year, a sign that they are overcoming the crisis caused by the pandemic.

The feat was owed to the refinery’s improved productivity by operating the latest advanced facilities, such as RUC and ODC facilities

S-Oil Unveils ‘Vision 2030’

S-Oil unveiled “Vision 2030,” a long-term growth strategy regime designed to cope with rapidly changing global trends, such as energy conversion and carbon neutrality.

Vision 2020 consists of a vision of bracing for future management environment uncertainties and securing a competitive edge, strategic goals and investment roadmap.

S-Oil suggested an eco-friendly chemical company armed with top-rated competitiveness and creativity as the 2030 future vision.

S-Oil established a roadmap for investments to minimize greenhouse gas emissions by 2030 in compliance with the government’s carbon reduction efforts, one of the company’s strategic goals to achieve Vision 2030.

The refinery company plans to keep on investing into the petrochemical business sector on a constant and steady basis - expanding facilities more than two times.

S-OIL plans to raise the proton of petrochemical products from current 12 percent to 25 percent by successfully completing the Shaheen Project, the 2nd phase investment for petrochemical expansion.

The Shaheen Project follows the Residue Upgrading Complex & Olefin Downstream Complex Project (RUC/ODC Project), delivered by the company in 2018.

In order to achieve Vision 2030, S-Oil plans to max out profitability in the conventional businesses - refinery, petrochemical and lucrative businesses while pushing for sustainable growth by entering new businesses such as hydrogen, fuel cell and recycling.

The company revealed its determination to ramp up ESG management such as. management transparency and ethics by stipulating “clean” in Vision 2030.

S-Oil CEO Hussain A. Al-Qahtani said, “We’ll achieve Vision 2030 without failure by exploring growth opportunities through continued strategic consideration in the new business areas.”

He called for executives and staff members, core assets of the company, to cope with management environment changes in a creative fashion and play their part with one team spirit.

S-Oil had lent an ear to diverse ideas from its staff in early 2020 to establish long-term growth strategies to brace for a rapidly changing management environment, and it had held management workshops on several times designed to overhaul regimes in advance to establish the new vision.

S-Oil Makes List of 2021 Brand Hall of Fame for 3rd Year in Row

S-Oil topped the filling station category of 2021 Korea Brand Hall of Fame Awards for the third consecutive year.

Korea Brand Hall of Fame Awards, hosted by the Ministry of Trade, Industry and Energy, was organized by the Institute for Industrial Policy Studies (IPS).

IPS selects and awards excellent brands which have contributed to the development of industries based on criteria such as business performances, brand values and customer satisfaction.

S-Oil has been credited with continuously improving quality and services, core competitive factors, after recognizing the importance of brand values.

The refinery company has been praised for conducting differentiation marketing activities such as integrated marketing using commercial song advertisings and the industry’s first character, dubbed “Goodoil.”

S-Oil has been lauded for improving brand values through continuous marketing communication, as in particular, the company conducted a campaign to prevent the spread of COVID-19 pandemic using social media despite management environment hardships, caused by the pandemic.

S-Oil’s award was owed to the company’s genuine and coherent marking activities, the company said. S-Oil will strive to grow into a brand offering new values and satisfaction through aggressive communication with customers down the road, it said.

View of S-Oil headquarters in Gongdeok-dong, Mapo-gu, Seoul.