ESG Performance
Key ESG Performances
S-OIL is committed to creating stakeholder value through sustainable growth, contributing to the happiness of mankind as well as the development of society and economy. To this end, we dedicate not only to promoting bold innovation in entire business areas for enhancing our quality competitiveness and brand value but also to practicing shared growth with business partners and local communities based on the management philosophy centered on co-prosperity, fulfilling our responsibility as a corporate citizen.
Summarized Financial Positions (Unit : KRW in million)
Summarized Financial Positions : Category, 2021, 2022 Table.
| Category |
2021 |
2022 |
| Current assets |
8,377,423 |
9,205,981 |
| Non-current assets |
10,315,812 |
10,407,154 |
| Total assets |
18,693,235 |
19,613,135 |
| Current liabilities |
8,505,027 |
8,213,158 |
| Non-current liabilities |
3,200,166 |
2,916,508 |
| Total liabilities |
11,705,193 |
11,129,666 |
| Capital stock |
291,512 |
291,512 |
| Capital surplus |
379,190 |
379,190 |
| Reserves |
985,474 |
985,474 |
| Treasury stocks |
(1,876) |
(1,876) |
| Retained earnings |
5,333,742 |
6,828,520 |
| Total equity |
6,988,042 |
8,483,469 |
| Total liabilities and equity |
18,693,235 |
19,613,135 |
- Based on consolidated financial statements prepared in accordance with K-IFRS.
Summarized Income Statement (Unit : KRW in million)
Summarized Income Statement : Item, 2021, 2022 Table.
| Item |
2021 |
2022 |
| Sales |
27,463,918 |
42,446,028 |
| Cost of sales |
(24,695,192) |
(38,291,440) |
| Gross profit |
2,768,726 |
4,154,588 |
| Selling & administrative expenses |
(627,784) |
(749,422) |
| Operating profit |
2,140,942 |
3,405,166 |
| Other income |
459,981 |
1,147,592 |
| Other expenses |
(494,023) |
(1,329,905) |
| Financial income |
129,059 |
432,487 |
| Financial expenses |
(359,726) |
(756,627) |
| Share of net profit of joint venture |
1,787 |
(171) |
| Profit before income tax |
1,878,020 |
2,898,542 |
| Corporate tax |
(499,479) |
(794,155) |
| Net profit |
1,378,541 |
2,104,387 |
| Other comprehensive income |
43,541 |
8,165 |
| Total comprehensive income |
1,422,082 |
2,112,552 |
- Based on consolidate financial statements prepared in accordance with K-IFRS.
Economic Value Created (Unit : KRW in million)
Economic Value Created : Category, 2021, 2022 Table.
| Category |
2021 |
2022 |
| Sales |
27,463,918 |
42,446,028 |
| Cost of sales |
(24,062,245) |
(37,709,401) |
| Other income |
590,827 |
1,579,908 |
| Other expenses |
(726,203) |
(1,928,330) |
| Depreciation cost |
(590,863) |
(586,326) |
| Economic value created |
2,675,434 |
3,801,879 |
- Based on consolidate financial statements prepared in accordance with K-IFRS (separate financial statements used until 2020)
Economic Value Distributed (Unit : KRW in million)
Economic Value Distributed : Stakeholder, Item, 2020, 2021 Table.
| Stakeholder |
Item |
2021 |
2022 |
| Employees |
Salary & pension |
639,614 |
718,797 |
| Government |
Tax & dues |
529,732 |
820,493 |
| Local communities |
Social contribution expenditure |
17,733 |
7,053 |
| Creditors |
Interest costs |
109,813 |
151,149 |
| Shareholders & company |
Dividend & reserves |
1,378,541 |
2,104,387 |
| Economic value distributed |
2,675,434 |
3,801,879 |
- Based on consolidated financial statements prepared in accordance with K-IFRS (separate financial statements used until 2020)
- Social contribution expenditure calculated as donations on the financial statements.
Procurement of Crude Oil (Unit : KRW in million)
Procurement of Crude Oil : Category, 2021, 2022 Table.
| Category |
2021 |
2022 |
| Crude oil |
16,147,536 |
25,860,588 |
Treatment of Crude Oil (Unit : thousand barrels)
Treatment of Crude Oil : Category, 2021, 2022 Table.
| Category |
2021 |
2022 |
| Crude oil treatment volume |
235,928 |
228,698 |
- Difficult to calculate renewable materials used.
Production Performance (Unit : thousand barrels, KRW in million)
Production Performance : Category, 2021, 2022 Table.
| Category |
2021 |
2022 |
| Total |
| Qty |
271,556 |
266,452 |
| Amount |
26,370,021 |
39,965,979 |
| Fuel |
| Qty |
231,420 |
228,961 |
| Amount |
20,868,495 |
33,605,843 |
| Lube Oil |
| Qty |
14,770 |
13,701 |
| Amount |
1,389,874 |
1,925,713 |
| Petrochemical |
| Qty |
25,366 |
23,790 |
| Amount |
4,111,652 |
4,434,423 |
Sales performance (Unit : KRW in million)
Sales performance : Category, 2021, 2022 Table.
| Category |
2021 |
2022 |
| Total |
| Domestic |
12,379,125
(45.5%) |
19,075,141
(45.4%) |
| Export |
14,824,714
(54.5%) |
22,941,938
(54.6%) |
| Total |
27,203,839 |
42,017,079 |
| Fuel |
| Domestic |
9,979,639 |
16,057,885 |
| Export |
10,211,131 |
17,947,044 |
| Sub-total |
20,190,770 |
34,004,929 |
| Lube Oil |
| Domestic |
515,937 |
566,302 |
| Export |
1,839,772 |
2,420,312 |
| Sub-total |
2,355,709 |
2,986,614 |
| Petrochemical |
| Domestic |
1,883,549 |
2,450,954 |
| Export |
2,773,811 |
2,574,582 |
| Sub-total |
4,657,360 |
5,025,536 |
BOD Composition (Unit : persons)
BOD Composition : Category, 2021, 2022 Table.
| Category |
2021 |
2022 |
| Total |
11 |
11 |
| Type |
| Inside |
1 |
1 |
| Non-standing |
4 |
4 |
| Outside |
6 |
6 |
| Gender |
| Male |
9 |
9 |
| Female |
2 |
2 |
| Age |
| 50 or above |
11 |
10 |
| 30 ~ 35 |
0 |
1 |
| Under 30 |
0 |
0 |
BOD Meeting Participation Rate (Unit : %)
BOD Meeting Participation Rate : Category, 2021, 2022 Table.
| Category |
2021 |
2022 |
| Average participation rate |
99.3% |
100.0% |
BOD Evaluation (Unit : points, 5-point scale)
BOD Evaluation : Category, 2021, 2022 Table.
| Category |
2021 |
2022 |
| Overall |
4.9 |
4.8 |
| Composition |
4.9 |
4.8 |
| Roles |
4.8 |
4.7 |
| Operation |
5.0 |
4.7 |
Total Number of Shares (Unit : shares)
Total Number of Shares : Category, Voting rights, 2021, 2022 Table.
| Category |
Voting rights |
No. of shares |
Ratio |
| Total |
116,604,719 |
100.0% |
| Common stock |
1 vote |
112,582,792 |
96.6% |
| Preferred stock |
none |
4,021,927 |
3.4% |
- There are no golden shares issued holding special voting or veto right.
Status of Shareholders : based on Common Stocks (Unit : shares)
Status of Shareholders : based on Common Stocks : Shareholder Name, 2021, 2022 Table.
| Shareholder Name |
2021 |
2022 |
| Total |
112,582,792
(100.0%) |
112,582,792
(100.0%) |
Aramco Overseas
Company B.V. (AOC)1) |
71,387,560
(63.4%) |
71,387,560
(63.4%) |
| National Pension Service (NPS)2) |
8,997,198
(8.0%) |
7,777,670
(6.9%) |
| Institutional investors & individuals |
32,198,034
(28.6%) |
33,417,562
(29.7%) |
- 1) AOC became the largest shareholder by acquiring 35% of S-OIL's shares in 1991. In 1999, the Company purchased 28.4% of its shares as treasury stocks from Ssangyong Group, and changed its name from Ssangyong Oil Refining Co. to S-OIL in 2000. In 2015, AOC acquired these 28.4% of S-OIL's shares additionally.
- 2) Shares owned by NPS included consignment accounts.
- hares held by governmental institutions : none
Shareholding Status of MC Members (Unit : shares)
Shareholding Status of MC Members : Name, 2021, 2022 Table.
| Name |
2021 |
2022 |
| Anwar A. Al-Hejazi / CEO |
- |
- |
| Bong Soo Park / President |
8,360 |
8,360 |
| Yul Ryu / President |
4,550 |
4,550 |
| Jong Bum Ahn / President |
9,140 |
9,140 |
| Ju Wan Bang / CFO |
9,500 |
10,000 |
| >Min Ho Lee / CSO |
0 |
0 |
| Won Ki Cha / Head of HQ |
- |
0 |
- Anwar A. Al-Hejazi was newly appointed as the CEO on May 9, 2023.
- Hussain A. Al-Qahtani, the outgoing CEO who served until May 9, 2023, held 1,000 shares worth 0.15 times of his annual fixed salary.
- MC members except the CEO held S-OIL's share worth 100% of their average salary as of the end of 2022.
Corporate Governance Rating by Korea Corporate Governance Service (KCGS)
Corporate Governance Rating by Korea Corporate Governance Service (KCGS) : Category, 2021, 2022 Table.
| Category |
2021 |
2022 |
| Corporate governance rating |
A+ |
A+ |
Spending in Business Association (Unit : KRW in million)
Spending in Business Association : Category, Alignment with the Paris Agreement, 2021, 2022 Table.
| Category |
Alignment with
the Paris
Agreement |
2021 |
2022 |
| Total |
O |
1,769 |
1,921 |
| Korea Petroleum Association |
O |
1,346 |
1,495 |
| Ulsan Chamber of Commerce & Industry |
O |
130 |
130 |
| Korea Petrochemical Industry Association |
O |
120 |
119 |
| Onsan Industrial Complex Association |
O |
82 |
86 |
| Korea Employers Federation |
O |
33 |
34 |
| Korea Listed Companies Association |
O |
15 |
15 |
| Korea Lubricating Oil Industries Association |
O |
12 |
12 |
| Others |
- |
31 |
30 |
- Through the Ethics Code, S-OIL strictly bans employees to use its organization, manpower, and assets for the purpose of providing political funds or for political purposes. The Company is only affiliated with associations aimed at promoting industries, which guarantee political neutrality, and joins the associations whose activities are aligned with the Paris Agreement to ensure a consistent response to climate change.
Spending on Business Issue-related Research (Unit : KRW in million)
Spending on Business Issue-related Research : Category, 2021, 2022 Table.
| Category |
2021 |
2022 |
| Spending on research |
158 |
184 |
- Indirect spending for research through a payment to business associations
- Key business issue studies conducted in 2022: Energy policy and tax (KRW 140 million), Reinforcement of refining industry's competitiveness (KRW 45 million)
Violation of Improper Solicitation & Graft Act (Unit : cases)
Violation of Improper Solicitation & Graft Act : Category, 2021, 2022 Table.
| Category |
2021 |
2022 |
| No. of violations |
0 |
0 |
Violation of Internal Regulations found by Compliance Monitoring (Unit : cases)
Violation of Internal Regulations found by Compliance Monitoring : Category, 2021, 2022 Table.
| Category |
2021 |
2022 |
| No. of violations |
0 |
0 |
Deliberation of Ethics Committee (Unit : times, cases, persons)
Deliberation of Ethics Committee : Category, 2021, 2022 Table.
| Category |
2021 |
2022 |
| No. of meetings |
16 |
21 |
| Deliberation |
| Operation of sales networks |
23 |
12 |
| Purchasing of goods & services |
6 |
12 |
| Others |
15 |
4 |
| Total |
44 |
28 |
| No. of disciplines due to violations of Ethics Code |
| Corruption or bribery |
0 |
0 |
| Discrimination or harassment |
2 |
1 |
| Customer privacy data |
0 |
0 |
| Customer privacy data |
0 |
0 |
| Money laundering or insider trading |
0 |
0 |
| Other ethics Code violations |
2 |
2 |
| Total |
4 |
3 |
- Completed investigations and follow-up actions on all violations reported by 2022.
- 2021 : 1 case of procurement regulations violation (salary reduction to 2 persons, reprimand to 3 persons), 2 cases of inappropriate use of action and language between colleagues (suspension to 2 persons), 1 case of inappropriate claim for allowance (suspension to 3 persons, reprimand to 3 persons)
- 2022 : 1 case of drunk driving (salary reduction to 1 person), unauthorized hot work for personal purpose (suspension to 2 persons, warning to 1 person), use of violence between colleagues (suspension to 1 person, salary reduction to 1 person, warning to 1 person)
Ethics Management Training for Employees (Unit : times, persons)
Ethics Management Training for Employees : Category, 2021, 2022 Table.
| Category |
2021 |
2022 |
| No. of trainings |
11 |
8 |
| No. of participants |
3,658 |
3,577 |
| Participation rate |
100% |
100% |
Ethics Management Training for Suppliers & Affiliates (Unit : times, companies, persons)
Ethics Management Training for Suppliers & Affiliates : Category, 2021, 2022 Table.
| Category |
2021 |
2022 |
| Contractors |
| No. of trainings |
- |
- |
| No. of companies |
1,002 |
2,385 |
| No. of participants |
- |
- |
| Affiliates |
| No. of trainings |
1 |
1 |
| No. of companies |
1 |
1 |
| No. of participants |
6 |
7 |
- According to the government's COVID-19 quarantine regulations, trainings were replaced to the distribution of training materials for 2020 ~ 2022.
Self-assessment on Ethics Management (Unit : persons, points)
Self-assessment on Ethics Management : Category, 2021, 2022 Table.
| Category |
2021 |
2022 |
| No. of participants |
3,019
(100%) |
3,201
(100%) |
| Average score |
99.6 |
99.4 |
Ethics Management Evaluation by Stakeholders (Unit : points)
Ethics Management Evaluation by Stakeholders : Category, 2021, 2022 Table.
| Category |
2021 |
2022 |
| Average score |
9.29 |
9.21 |
| Employees |
9.30 |
9.20 |
| S/Ss & F/Ss |
8.52 |
9.12 |
| Corporate clients |
9.40 |
9.48 |
| Contractors |
9.24 |
9.27 |
