S-Oil has called for continued incentives from the South Korean government to vitalize large-scale projects and investments in the new energy sector.

“Expanding incentive supports such as extending the tax credit period for investment in large scale projects that take place over a long period of time is necessary,” said S-Oil CEO Anwar A. Al-Hejazi in a meeting with President Yoon Suk Yeol and foreign-invested company representatives and heads of Seoul-based commerce chambers in Seoul on Wednesday.

In return, Yoon vowed to expand the government’s incentives and meet the global standards to provide the best settings for investment.

The S-Oil CEO noted that the 9.3 trillion won ($7 billion) Shaheen refinery integrated petrochemical plant project’s construction in Ulsan is going smoothly, expressing appreciation for the government’s decision to extend the tax credit policy for investments earlier this year as well as the support from the industry ministry and the local government of Ulsan where the project is being built.

“We hope that continued incentives and timely approvals can be made to remove uncertainties in the process of large-scale investments over a long period,” said Al-Hejazi.

The tax credit extension now awaits the National Assembly’s approval.

Al-Hejazi also pledged to contribute to Korea’s energy security and exports along with the economic cooperation between Korea and Saudi Arabia by successfully completing the Shaheen project.

S-Oil, owned by Saudi Arabia’s state-run oil producer Aramco, announced that it had provided about 1.65 trillion won for the Ulsan petrochemical project during a conference call on Feb. 2. The company plans to finish the project in the first half of 2026.