April 26, 2024

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[THE INVESTOR] Making bold moves and finding the right time for investments is the driving force for S-Oil, owned by Saudi Aramco, the Seoul-based refiner’s chief said on May 31.

“It was not easy to launch a huge project worth 5 trillion won (US$4.46 billion) amid the global oil market downturn in 2015. Most oil companies reduced their budgets and withdrew their investment plans,” S-Oil CEO Othman Al-Ghamdi said during a special lecture to some 100 students in Korea University Business School.

The oil refiner’s first massive investment project, to be completed by April 2018, includes a residue-upgrading complex, which daily converts 76,000 barrels of residue to high-valued products such as propylene and gasoline.

“We had a strong belief in the largest petrochemical project in the country. Based on world-class facilities, S-Oil will ensure the highest level of operational efficiency and cost competitiveness,” he said.

Under the theme “How did S-Oil become a strong player in the global oil industry?” the CEO also said the company’s export-driven strategy, creative marketing and synergy creation with Saudi Aramco contributed to its growth.

By Park Han-na (hnpark@heraldcorp.com)