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S-Oil CEO Anwar A. Al-Hejazi. / Courtesy of S-Oil

S-Oil announced on the 29th that it will accelerate its innovative growth as it marks the 50th anniversary of its founding.

Founded in 1976, S-Oil has grown over the past half-century through continuous investments and management innovations into a world-class energy and chemical enterprise, possessing a single-factory crude oil refining capacity that ranks among the highest in the world, South Korea's sole production facilities for Group I, II, and III lubricant base oils, and large-scale petrochemical production facilities.

CEO Anwar A. Al-Hejazi stated, "The year 2026 is a deeply meaningful year as it marks S-Oil's 50th anniversary and the year when the Shaheen Project comes to fruition," adding, "Based on the competitiveness and DNA of innovation accumulated over the past 50 years, we will continue to grow into the most competitive, innovative, and trusted energy and chemical enterprise in the next 50 years."

To sustain its growth even amidst the global energy transition and carbon neutrality trends, S-Oil has focused on advancing its business portfolio, investing more than 14 trillion won over the past decade. Following the establishment of a foundation for transitioning its business structure "from refining to chemicals" through the RUC & ODC project that commenced commercial operations in 2018, the company is now awaiting the completion of the Shaheen Project—the largest single investment in the history of the domestic petrochemical industry at 9.258 trillion won—in this milestone year of its 50th anniversary.

The Shaheen Project is gathering high expectations as an advanced facility that will contribute to strengthening the fundamental competitiveness of the domestic value chain, responding to the crises facing the domestic industry due to shifting global supply chains and supply gluts originating from China.

The company has consistently elevated its competitiveness based on long-term strategies in the petrochemical sector, which is drawing intense global interest due to energy transitions and industrial restructurings worldwide. Back in 2011, S-Oil officially initiated the expansion of its petrochemical business by operating the world's largest single-factory paraxylene (a foundational raw material for polyester fiber) production facility.

Furthermore, S-Oil expanded its competitiveness from its early days by domesticating high-quality lubricant base oils and breaking away from the domestic market to pioneer overseas export markets. In the mid-1990s, more than a decade ahead of its competitors, the company introduced large-scale upgrading facilities—often referred to as "oil fields on the ground" (the Bunker-C Cracking Center that converts heavy oil into light oil)—leading a major transformation in the domestic industry, which had been reliant on simple refining facilities.

Consistent with its management philosophy of customer satisfaction through quality management, such as supplying high-quality gasoline with an octane rating of 97 at reasonable prices since the early 1990s, the company continues to be recognized today as a synonym for "good oil."

Ryu Yeol, President of Corporate Strategy & Administration at S-Oil, remarked, "We are taking the 50th anniversary of our founding as a launching pad for a new leap forward, while also accelerating the construction of a foundation for future growth," emphasizing, "Centering on the Shaheen Project, we are expanding the proportion of our petrochemical business while simultaneously promoting sustainable growth through digital transformation, AI-driven workflow innovations, energy efficiency enhancements, and carbon reduction activities."

                                                                                                        Son Kang-hoon