S-Oil held a “Vision 2025” declaration ceremony on August 30 and pledged to become an energy chemical company that are the most competent and admired in the Asia-Pacific region
S-Oil CEO Othman Al Ghamdi, who has led the company since September last year, said, “We need to secure a firm competitive advantage in order to brace for uncertainties in the long-term business environment of 10 years and 20 years in the future.”
He said, “S-Oil’s core competence is passionate and creative talent. We will achieve a new vision with the best management efficiency and differentiated investment strategy. With a goal of 3 trillion won (US$2.67 billion) of operating profit and 25 trillion won (US$22.25 billion) of market capitalization by 2025, let’s dramatically improve the value of business and shareholder.” The figures are two times higher than the goal right now. S-Oil posted 1.62 trillion won (US$1.44 billion) in operating profit last year and had 14.35 trillion won (US$12.77 billion) of market capitalization as of August 30.
Al Ghamdi added, “Let us armed with five core values of Excellence, Passion, Integrity, Collaboration, Sharing and complete S-Oil’s epics for the new vision achievement and organizational culture innovation.” In order to realize the “Vision 2025,” S-Oil presented the direction of three strategies including reinforcement of oil refining business, expansion of chemical business and expansion of new growth engines.
The company also plans to strengthen the competitiveness of its core business and next-generation growth engines by successfully completing the 4.8 trillion won (US$4.27 billion) residue upgrading complex and olefin downstream complex (RUC & ODC) project scheduled for completion by the first half of next year. In addition, S-Oil will comprehensively seek out growth opportunities by developing and promoting long-term new key businesses.