Latest news with #S-Oil
Korea Herald
23-05-2025
- Business
- Korea Herald
S-Oil CEO honored for ESG leadership, progress in Shaheen project
Anwar al-Hejazi, chief executive officer of Korean oil refiner S-Oil Corp., was named CEO of the year by the Korea Management Association for his role in advancing economic growth and driving business innovation, the company said Friday. Al-Hejazi was recognized for strengthening S-Oil's position in the gasoline and diesel markets through consumer-focused marketing, as well as for the company's environmental, social and governance initiatives. The refiner has been listed on the Dow Jones Sustainability World Index for 15 consecutive years. "It is a true honor and privilege to be joining the ranks of past winners as well as this year's winners who have left huge footprints in Korea's business world and contributed to this country's amazing economic growth over the last few decades," said the CEO. "Honestly, this is not an award for me but for all the 3,200 S-Oil officers and employees. Each and every one of them is part of S-Oil's success story." The CEO was also commended for progress on the Shaheen project, Korea's largest petrochemical plant development, currently underway in Ulsan. Backed by a 9.26 trillion won ($6.75 billion) investment, the project is expected to employ up to 17,000 workers at its peak, supporting the local economy. The KMA has presented the CEO of the year award annually since 1969. Winners are selected by a panel of experts from academia, government and industry, including senior officials from the Ministry of Economy and Finance and deans of top business schools.
Korea Herald
13-05-2025
- Business
- Korea Herald
Saudi Aramco reaffirms commitment to Korea's Shaheen project
Downstream chief visits Ulsan site, praises progress on $6.5b project Saudi Aramco, the world's largest oil company, has pledged continued support for the successful completion of the 9.26 trillion won ($6.5 billion) Shaheen project in Korea, S-Oil said Tuesday. According to S-Oil, Mohammed Y. Al-Qahtani, Downstream President at Saudi Aramco, which holds a majority stake in S-Oil, visited the construction site of the Shaheen project at the Onsan National Industrial Complex in Ulsan on the previous day. 'I came to Korea mainly to visit the project site before construction work peaks, and to show Aramco's appreciation to you and your work,' said Al-Qahtani, as he looked around the area. 'The Shaheen Project is a testament to Aramco's continuing commitment to petrochemicals. I find your work so inspiring not just for S-Oil's future growth, but for the global petrochemical market as a whole.' The Saudi Aramco executive underwent a thorough on-site review of Korea's largest petrochemical investment project including the thermal-crude-to-chemicals, or TC2C, which is Saudi Aramco's first application of the new technology in the world, and left his signature on the recently installed 118-meter-high propylene tower to wish for safe construction and the success of the project. 'As an engineer who has been involved in many large-scale projects, I know firsthand how much effort goes into such a major undertaking, and I recognize your sense of purpose: to deliver the Project on time with the highest quality,' said Al-Qahtani. After holding the ground-breaking ceremony in March 2023, the Shaheen project's construction progress stood at about 69 percent as of Tuesday, according to S-Oil. The project is expected to be mechanically completed in the first half of next year. S-Oil pointed out that the Shaheen project will enhance the competitiveness of Korea's petrochemical industry, which is facing challenges due to global demand growth slowdown, large-scale facility expansions in China and continued oversupply in the region. When the Shaheen project's full-scale production takes effect in the second half of next year, the plant is expected to have annual production capacities of 1.8 million tons of ethylene, 770,000 tons of propylene, 200,000 tons of butadiene and 280,000 tons of benzene. "We plan to supply basic feedstock produced at the Shaheen Project, which has excellent cost competitiveness and high energy efficiency, mainly through pipelines to domestic petrochemical downstream companies," said an S-Oil official. "By reliably supplying raw materials on time to downstream companies, we expect to not only save logistics cost within the value chain but also create a competitive petrochemical industrial cluster, thereby leaving a positive impact in terms of revitalizing the local economy and strengthening Korea's industrial competitiveness.'
Korea Herald
28-04-2025
- Business
- Korea Herald
LG CNS posts record Q1 earnings on cloud, AI growth
Korean IT solutions provider LG CNS said that on Monday, it achieved its highest-ever first-quarter sales and operating profit, driven by the accelerating adoption of cloud and artificial intelligence solutions across industries. Its first-quarter sales reached 1.21 trillion won ($840 million), an increase of 13.2 percent compared to a year earlier. Operating profit came in at 78.9 billion won, up 144.3 percent from a year ago. The IT solutions provider said its sales have continued to grow steadily for eight consecutive years since 2018. Sales from the company's cloud and AI business surged 30.1 percent on-year to 717.4 billion won, accounting for about 59 percent of total sales and solidifying its position as LG CNS' key growth engine. In the AI sector, notable growth was recorded particularly in the financial and manufacturing industries. In the manufacturing sector, the company is actively upgrading production facilities into AI-powered intelligent factories, with major projects underway for clients including S-Oil. The cloud business also maintained strong momentum, buoyed by increasing demand for cloud migration across diverse sectors such as gaming, logistics and finance. LG CNS has further reinforced its leadership in the data center sector, both domestically and abroad, entering a phase of rapid revenue growth. Meanwhile, sales from the smart engineering sector, encompassing smart logistics, smart factories, and smart cities, totaled 206.3 billion won. Revenue from digital business services, including system integration projects, reached 287.7 billion won, bolstered by new large-scale orders in the financial and public sectors. LG CNS is actively investing to secure future growth. To gain an early lead in the emerging agentic AI market -- considered a future pillar of AI technology -- the company is advancing service development in partnership with global AI leaders such as Cohere and Weights & Biases. Additionally, it plans to strengthen its cloud and AI transformation partnerships with global tech giants including AWS, Microsoft and Google Cloud, aiming to accelerate its expansion in Korea, the US and the Asia-Pacific region.
CNA
28-04-2025
- Business
- CNA
S-Oil posts refining, petchem losses; expects US tariffs to affect margins in Q2
SEOUL :South Korea's S-Oil, majority owned by Saudi Aramco, posted losses in the first quarter from its refining and petrochemical units and expects second-quarter margins to be impacted by U.S. tariff negotiations and market volatility. S-Oil reported an operating loss of 21.5 billion won ($14.93 million) in the first three months of 2025, compared with a profit of 454.1 billion won a year earlier, it said in a statement on Monday. The company's revenue for the first quarter fell 3.4 per cent on-year to 8.99 trillion won. Its refining division posted an operating loss of 56.8 billion won in the reported quarter, flipping from a profit of 250.4 billion won a year ago, due to sluggish demand amid economic uncertainty as well as delays in scheduled maintenance, S-Oil said. Losses in its petrochemical division more than doubled to 74.5 billion won from the previous quarter, the company added. S-Oil operated its 669,000 barrels-per-day (bpd) oil refinery in the southeastern city of Ulsan at 94 per cent of capacity, compared with 93 per cent during full-year 2024. Looking ahead, S-Oil expects second-quarter refining margins to be impacted by developments in U.S. tariff negotiations amid heightened global market volatility. "Ongoing U.S. tariff tensions may weigh on oil demand forecasts," S-Oil said in a presentation. "However global uncertainties are expected to ease gradually with the progress in trade negotiations." Meanwhile, S-Oil's residue fluid catalytic cracking (RFCC) unit is scheduled to undergo maintenance in the fourth quarter. Separately, the company is targeting mechanical completion for the Shaheen Project in the first half of 2026. The $7 billion project aims to produce up to 3.2 million metric tons of petrochemicals annually from crude oil. ($1 = 1,439.7000 won)
Korea Herald
16-04-2025
- Entertainment
- Korea Herald
S-Oil donates W100m to support orchestra for disabled youth
South Korean oil refiner S-Oil announced Wednesday it donated 100 million won ($73,000) to the non-profit Heart to Heart Foundation ahead of the 45th Day of People with Disabilities on April 20. The funds will support an orchestra of musicians with developmental disabilities and help run disability awareness education for students and the public. The Heart to Heart Foundation established Korea's first developmental disabilities orchestra in 2006. S-Oil has supported the foundation since 2009, marking its 17th year of continued sponsorship. The company also holds weekly performances with the orchestra at its headquarters and local community centers, promoting inclusion through music. Recognized for its efforts, S-Oil has been named an outstanding contributor to cultural arts sponsorship by the Ministry of Culture, Sports and Tourism and the Arts Council Korea every year since 2020. 'The music played by these young musicians was beautiful and moving,' said S-Oil CEO Anwar Al-Hejazi. 'We will continue to support their talent and fulfill our social responsibility.'
