S-Oil CEO vows to remain most competitive energy, chemical firm for next 50 years

S-Oil said Sunday it will accelerate innovation-driven growth as the company marked its 50th anniversary on Saturday.

Founded in 1976, S-Oil has grown into a global energy and chemical company with one of the world's top single-refinery crude oil processing capacities, the country's only Group I, II and III base oil production facility, and large-scale petrochemical production operations. Over the past decade, the company has invested more than 14 trillion won ($9.06 billion) to upgrade its business portfolio in pursuit of sustainable growth.

The company laid the groundwork for a structural shift "from refining to chemicals" through its RUC & ODC project — an integrated refining and petrochemical complex that began commercial operation in 2018. Now, in its 50th anniversary year, S-Oil is on the verge of completing the Shaheen Project, the largest investment in the history of South Korea's petrochemical industry at 9.26 trillion won. The project is regarded as a state-of-the-art facility that will strengthen the competitiveness of the domestic value chain. S-Oil also moved into petrochemicals in earnest in 2011, when it launched what was then the world's largest single-plant paraxylene — a key raw material for polyester fiber — production facility.

From its early days, S-Oil built its competitive edge by localizing the production of premium base oils and pushing into overseas export markets beyond the domestic sector. In the mid-1990s, more than a decade ahead of its rivals, the company introduced large-scale upgrading facilities — known as an "above-ground oil field" — that convert heavy oil into lighter products through a bunker-C cracking center, leading a major transformation of an industry that had relied on simple refining. The company said it had already become synonymous with quality fuel by the early 1990s, supplying high-octane 97-grade gasoline at competitive prices through a commitment to quality management.

"2026 marks both S-Oil's 50th anniversary and the year the Shaheen Project bears fruit — a truly meaningful milestone," CEO Anwar Al-Hizazy said. "Building on the competitiveness and innovative DNA accumulated over the past 50 years, we will continue to grow into the most competitive, innovative and trusted energy and chemical company for the next 50 years."

Ryu Yeol, S-Oil's president of strategy and management, said the company is treating the 50th anniversary as a launching pad for a new leap forward. "We are pressing ahead with building a foundation for future growth — expanding the share of our petrochemical business centered on the Shaheen Project, while pursuing sustainable growth through digital transformation, AI-driven work innovation, energy efficiency improvements and carbon reduction initiatives," he said.