Saudi Aramco-invested S-Oil, Korea’s third-largest oil refiner established in 1976, has a capacity of 669,000 barrels per day from one of its oil refineries, one of the world’s largest plants in petrochemical and lube base oil production.
The Xylene Center, S-Oil’s petrochemical plant, is acclaimed to hold the highest production capacity of paraxylene for any single facility, while the company’s lube base oil facilities also maintain the world’s second or third largest production volume.
Industrial experts said the company’s light crude oil production based on its advanced Bunker-C Cracking Center, or BCC, and the swift entrance into foreign markets ― transitioning from a domestic oil refiner into an exporter ― as well as considerable investment in the production of petrochemicals and lube sectors, have contributed to the company’s success.
According to the company, S-Oil has been able to service both the Korean and overseas market efficiently ― currently exporting more than 60 percent of its annual production ― because of its strategic partnerships with foreign importers. Since 1991, S-Oil has received a stable supply of crude oil from Saudi Aramco, the world’s largest oil company, and the two companies have maintained cooperative relationships.
Moreover, S-Oil has also valued its partnership with the Hanjin Group, a Korean conglomerate that specializes in global logistics and transportation and is also the holding company of Hanjin Shipping and Korean Air.
These dynamic collaborations have been key to maintaining successful economic cooperation between Korea and Saudi Arabia for over 20 years, which only continues to strengthen and grow.
Throughout the years, S-Oil has also proven to be an early adopter by investing in and operating new technologies more quickly than its competitors.
In addition, under the Onsan Refinery Expansion Project, the company completed state-of-the-art facilities for PX and benzene ― the second Aromatic Complex and the second Xylene Center ― doubling the company’s production capacities and officially securing its global competitiveness within the petrochemical sector.
This completion served as an occasion to help S-Oil emerge as a powerhouse in not only the refining business, but also the petrochemical business.
The company is also striving to produce eco-friendly fuel in response to the demanding regulations and conditions ― a befitting gesture to compensate for the growing environmental burden.
The company is cruising smoothly to attain its goal of achieving “sustainable, profitable growth.”
By Kim Joo-hyun ()
koreaherald@heraldcorp.com
