● “The Most Competitive, Creative and Clean Energy & Chemical Company”
- Establishment of strategic target to drive ESG management
- Continuous investment in mega project to double the chemical portion of the Company’s production
S-OIL CEO Hussain A. Al-Qahtani announced “Vision 2030”, its long-term growth strategy, in order to respond to rapidly changing global trends including energy conversion and net carbon emissions.
“Vision 2030” is comprised of vision, strategic targets and investment roadmap to be prepared for uncertainties in the future management environment and maintain the Company’s competitive advantage. Accordingly, S-OIL rolled out “The Most Competitive, Creative and Clean Energy & Chemical Company” as its vision (future target) to be pursued by 2030.
As one of the strategy targets to achieve Vision 2030, the Company established an investment roadmap to minimize carbon emissions by 2030 in line with the Korean government’s emissions-reduction pledges. Also, S-OIL will consistently pursue its investment in chemical expansion so that its chemical portion can be doubled compared to current chemical production volume. To this end, following the completion of the 5 trillion won RUC & ODC project in 2018, the Company again plans to successfully carry out a new project called Shaheen Project so that its petrochemical portion in production volume can go up to 25% from the current level, which is 12%.
The strategies set out to achieve Vision 2030 suggest that the Company will maximize profitability of existing refining, petrochemical and lube businesses with global competitiveness and at the same time make a foray into the new business such as hydrogen, fuel cell, and recycling to drive the Company’s sustainable growth. Along with these strategies, the Company showed its strong commitment to ESG (Environmental, Social and Governance) management, which pursues eco-friendliness, transparency and integrity in all management activities, by stating the word “Clean” in the new Vision 2030 in its English version.
Regarding its new business, S-OIL CEO Hussain A. Al-Qahtani said, “We will make sure to achieve Vision 2030 by exploring potential opportunities for growth through continuous strategic reviews,” and asked all officers and employees to “more creatively respond to the changing business environment in one-team spirit” while referring them as the most valuable, core asset of the Company.
To establish long-term growth strategies responding to drastically changing business environment, S-OIL has been listening to various ideas from employees and held several management workshops since the beginning of year 2020. With those efforts, the Company proactively revised its strategic system and established a new vision.
