S-OIL wins $20 Bil. Export Tower Award
● S-OIL spearheads oil exports, strategically tapping into overseas markets 30 years ago.
● The refiner exports more than 60% of its output every year, raking in ＄87.8 bil. from 40 countries over ten years.
On Dec. 5, S-OIL(CEO: Nasser Al-Mahasher) won the $20 Bil. Export Award at the 49th Trade Day ceremony at COEX in Seoul. The refiner was honored to win the award for the third time by achieving an export of $20.8 bil. for one year from the second half of last year to the first half of this year.
S-OIL is the first refiner that transformed the domestic oil industry, which relied complacently on domestic supply, into the first-ranking export industry. It launched an aggressive marketing campaign by strategically targeting overseas markets 30 years ago and has exported more than 60% of its annual production to about 40 countries. Its accumulated exports amount to $87.8 bil. over the past ten years.
Other refiners that observed S-OIL’s success through exports jumped on the bandwagon in mid-2000s, which catapulted oil into a top-ranking export item. In the first half of 2012, the oil exports posted $27.3 bil. contributing substantially to making oil the first-ranking export item.
Since the initial operation of its refinery in 1980, S-OIL exported more than 40% of its output, marking the full-fledged beginning of oil exports. In mid-1990s, it was equipped with upgrading facilities, making all products low-sulfur and light oil. Since the 2000s, the refiner has exported over half of its production consistently. Last year, it established itself firmly as a representative exporter by shipping 65% of its production overseas. Even amid the global economic crisis, it raked in 11.49 tril. won, 65% of its first-half revenue, from overseas markets by capitalizing on its sold global network.
“S-OIL played a leading role in transforming the oil industry, which was traditionally perceived as a domestic demand-oriented industry, into a high-value-added export industry, based on its export-driven strategy by investing in state-of-the-art upgrading facilities more than ten years ahead of its rival companies, “ said an S-OIL official. “We will continue investments in upgrading products and improving process efficiency in order to enhance our export capabilities, while at the same time committing ourselves to pioneering new export markets to contribute greatly to national economy.”
