● CEO Al-Ghamdi proclaims ‘Vision 2025’ and execution strategies on his first anniversary at S-OIL
- Vision “The most competitive and admired energy & chemical company in Asia Pacific”
- Three strategic directions △strengthen refining business △ expand chemical business △ secure new future growth engine
- Resolve to deliver the five core values … Excellence, Passion, Integrity, Collaboration, Sharing
On Aug. 30th, S-OIL made the resolution to grow into the most competitive and admired energy & chemical company in Asia Pacific during the ‘Vision 2025’ Proclamation Ceremony held at the auditorium of its head office in Mapo.
CEO Othman Al-Ghamdi who joined S-OIL last September explained the background behind the New Vision by saying “we need to secure a clear competitive edge that allows us to sustain ourselves under whatever business environment we are in if we want to prepare ourselves against environmental uncertainties 10, 20 years from now”.
“S-OIL’s key capabilities are passionate and creative human talents. Let us achieve the new vision with the best operational efficiency and differentiated investment strategies. Our goal is
three trillion Won in operating income and 25 trillion Won in market capitalization by 2025, and these will significantly enhance our business value and shareholder value” said CEO Al- Ghamdi. This represents growth by double. Last year, S-OIL recorded 1.6169 trillion Won in operating income and market capitalization was 13.4536 trillion Won (based on Aug. 29th closing price).
CEO Al-Ghamdi asked all employees to load themselves with “Excellence, Passion, Integrity, Collaboration and Sharing” based on which to achieve New Vision and complete S- OIL’s EPIC for corporate culture innovation.
To achieve ‘Vision 2025’, S-OIL presented three strategic directions towards △ strengthen refining business △ expand chemical business △ secure new future growth engines. S-OIL built the new strategic framework based on considerations into future business environmental scenarios and evaluation of the company’s internal capabilities as well as corporate culture. In doing so, it also surveyed employees’ aspirations for a new vision and reflected the findings in ‘Vision 2025’.
S-OIL’s competitive edge in core business and next-generation growth engines will only get stronger after the 4.8 trillion Won RUC & ODC Project is completed in the first half of 2018. On top of this, it will also identify and nurture new business areas to explore future growth opportunities from all facets.
S-OIL CEO / Othman Al-Ghamdi
CEO Othman Al-Ghamdi stepped in as CEO of S-OIL in September, 2016. Ever since, his outstanding leadership in the midst of low oil price and global economic recession was more than enough to draw attention. He defied tough conditions and maximized efficiency of both production and sales, which led the company to record the highest operating income in 2016 since its foundation. He also created an optimal business environment conducive to enabling individuals make most out of their capabilities.
CEO Al-Ghamdi who is taking on a ‘Korea-friendly leadership’ as shown in naming himself a Korean name ‘Oh Suman’ (吳需挽)’ gave a special lecture at Yonsei University and Korea University at the end of May. There, he shared with students S-OIL’s success strategies in the global oil industry and its future strategies.
CEO Al-Ghamdi studied chemical engineering at King Fahd University in Saudi Arabia and earned MBA at the same school. He built a 25-year career at Saudi Aramco, the state-run oil company of the Kingdom, taking key roles in operation, engineering, maintenance and project.
He served as engineering head at Riyadh Refinery in Saudi Arabia and operation head at Ras Tanura Refinery. He was the project manager at Fujian Refining & Petrochemical Company and oversaw engineering planning during when he accumulated rich experience in Asia and global business acumen.
