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| S-Oil CEO Othman Al-Ghamdi and employees pledge to implement core corporate values during a ceremony at the refiner's headquarters in Seoul, Wednesday. S-Oil said it will strengthen refining and chemical businesses, and secure new growth engines to become the most competitive and respected refiner in the Asia-Pacific region. The company also wants to double its operating profit to 3 trillion won ($2.65 billion) by 2025 and help bolster its market cap to 25 trillion won. / Courtesy of S-Oil |
By Lee Hyo-sik
S-Oil has pledged to double its operating profit to 3 trillion won ($2.65 billion) by 2025 and help increase its market cap to 25 trillion won, becoming the most competitive and respected refiner in the Asia-Pacific region.
To achieve such goals, the company will implement its five core values; excellence, passion, integrity, collaboration and sharing. It will also mobilize all available resources to expand its refining and chemical businesses, and secure new growth engines.
"We need to secure a clear competitive edge that allows us to achieve sustainable growth under any circumstances. We will need to be fully prepared to deal with any business uncertainties," CEO Othman Al-Ghamdi told employees during the "Vision 2025" unveiling ceremony, Wednesday.
"S-Oil's core strength comes from its passionate and creative employees. Let us achieve the new vision with the best operational efficiency and differentiated investment strategies," he said. "Our goal is to increase our operating profit to 3 trillion won and bolster our market capitalization to 25 trillion won by 2025. It will significantly enhance our corporate value and shareholders' interests."
In 2016, the refiner posted a 1.62 trillion won operating profit. Its market cap stood at 14.35 trillion won as of Aug. 30. Saudi Aramco, the world's largest crude exporter, has a 63.4 percent stake in S-Oil.
Al-Ghamdi said the refiner will work harder to strengthen its refining and chemical businesses, and find new growth engines.
"Armed with the five core values, we should spare no effort to achieve the 2025 vision and overhaul our corporate culture," said the CEO, who took the company helm last September.
He said Korea's third-largest refiner by revenue should successfully complete the 4.8 trillion won project to build residue enhancement and olefin production facilities in the industrial city of Ulsan.
The facilities, scheduled to be completed by June 2018, will convert bunker C oil and other heavy fuel oils into gasoline, propylene and other high-value products.
"The new plants will certainly bolster our growth potential. Using its success as a springboard, we will look for more opportunities to invest and find new growth engines," Al-Ghamdi said.
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