CEOAnwar Al-Hejazi Leads S-OIL’s Landmark Shaheen Project to Completion as theCompany Celebrates Its 50^th Anniversary

As S-OIL marks its 50^thanniversary in 2026, a landmark investment project poised to leave a lasting legacyin Korea’s petrochemical industry is nearing completion. The Shaheen Project, witha total investment of KRW 9.258 trillion, is the largest investment project everundertaken in Korea’s petrochemical industry. Since taking the helm of S-OIL in2023, Representative Director & CEO Anwar Al-Hejazi has been driving the Projecttoward completion while laying the foundation for the company’s next chapter ofgrowth.

To sustain growth amidthe global energy transition and the drive toward carbon neutrality, S-OIL hasinvested more than KRW 14 trillion over the past decade to enhance thecompetitiveness of its petrochemical business. As the first step in thistransformation, the company invested KRW 5 trillion in the Residue UpgradingComplex and Olefin Downstream Complex (RUC & ODC), which began commercialoperations in 2018. The Project successfully integrated refining andpetrochemical operations, enabling S-OIL to expand its petrochemical footprintand laying the foundation for its strategic shift from refining to chemicals.Building on that foundation, the Shaheen Project represents the next phase ofS-OIL's transformation?an ambitious initiative designed to increase the company’spetrochemical yield from 12% to 25% while strengthening its globalcompetitiveness in response to growing demand for basic materials.

At the heart of theShaheen Project is the TC2C (Thermal Crude-to-Chemicals) technology, anadvanced process that converts crude oil and by-products into petrochemicalfeedstocks through streamlined separation and catalytic conversion. Comparedwith conventional facilities, TC2C can achieve petrochemical feedstock yieldsthat are three to four times higher. The project also includes style="text-align: justify">CEO Anwar Al-Hejazi is aveteran in the petrochemical and energy industries with nearly three decades ofexperience. After earning a degree in chemical engineering from King FahdUniversity of Petroleum and Minerals, he joined Saudi Aramco in 1996 and hasbuilt an extensive career across the global energy and petrochemical sectors.In his 2026 New Year's message, Al-Hejazi highlighted the significance of theyear ahead, stating, “2026 is a landmark year for S-OIL as we celebrate our50th anniversary and bring the Shaheen Project to fruition. The successfulcompletion of the Shaheen Project will mark a major turning point in ourjourney, accelerating S-OIL's progress toward its vision of becoming the mostcompetitive, innovative, and trusted energy and chemicals company.”

Since being appointedCEO in 2023, Al-Hejazi has remained focused on delivering the Shaheen Project,which broke ground that same year. As the Project nears completion, S-OIL’sexpanding collaboration with petrochemical companies underscores Al-Hejazi’sleadership capabilities and is helping lay the foundation for enhancing thecompetitiveness of Korea’s petrochemical value chain. With the Shaheen Projectnearing completion, Al-Hejazi has also been driving initiatives to reinforceS-OIL's fundamental strengths while accelerating digital and AI-driveninnovation across the organization. As a result, he has earned recognition fordemonstrating balanced leadership - advancing operational excellence anddriving future-oriented transformation in tandem.

Ryu Yul, President ofCorporate Strategy & Services at S-OIL, said “the successful completion ofthe Shaheen Project will represent a major step forward in the evolution ofS-OIL's business portfolio. Beyond that, it is expected to strengthen thecompetitiveness of Korea's petrochemical industry and reinforce supply chainstability, delivering benefits to a sector that has long been a pillar of thenational economy.”