Won the $20 Bil. Export Tower Award on the 49th Trade Day
  Ranked on the Fortune Global 500
  Won the President’s Award on the 17th Marine Day
  Donated 10 bil. won to restore Taehwa Pavilion in Ulsan
  Achieved 7 million man-hours with zero accidents for the first time since the operation of the Refinery
  Signed 20-year long-term crude supply contract with Saudi Aramco
Received Gold Tower Order of Industrial Service Merit
  Received the President’s Award in recognition of its support for firefighters
  Won the President’s Award for Excellence in Sustainability Management
  Onsan Refinery Expansion Inauguration
  Moved to the new Head Office in Gongdeok-dong

Entered the solar PV business, taking over a 33.4% stake in Hankook Silicon

  • Enter the renewable energy business by strategic investment (Joint Venture) in HK Silicon
  • Set foundation for sustainable growth by combining growth potential of the renewable energy business and competitiveness of the refining business

Completed the Onsan Refinery Expansion Project and began operation of No.2 Aromatic Complex

  • Completed the Onsan Refinery Expansion Project, including No.2 Aromatic Complex, by investing KRW 1.4 trillion to secure future growth engine
  • Double the production capacity of petrochemicals by operating facilities that can produce 900,000 tonnes/year of PX and 280,000 tonnes/year of benzene
  • Improve the crude distillation capacity from 580,000 to 669,000 barrels/day, and raise the production capacity of the Company’s PX facility to 1.7 million tonnes/year, the largest among single PX plants in the world
Listed in DJSI World
  Won the Top Company of the Year Award (World Class Category) for six consecutive years


Won “Downstream Operations of the Year” at the Platts Global Energy Awards
  Completed a clean gasoline-producing alkylation plant
  Celebrated the S-OIL athletic day “Superman Day”
  • This was the first athletic day since the foundation of S-OIL that the CEO and about 800 officers and employees of the Company (excluding
  • Refinery workers) gathered together. On the day, they broke down walls between them and made sure that they were a family.

Held a groundbreaking ceremony for the Onsan Refinery expansion project

  • Launched the 1.4 trillion won project to produce 900,000 tons of para-xylene and 280,000 tons of benzene a year and raise the refining capacity from 580,000 barrels to 630,000 barrels per day.
  Completed the Onsan Refinery’s No. 3 jetty
  Received the highest credit ratings in the Asian energy industry from Moody’s and S&P
  • Received a “Baa2”(stable) rating and a “BBB”(stable) rating from the world’s leading credit rating agencies, Moody’s and S&P, respectively
Received the $10 billion Export Tower Award
  Held a groundbreaking ceremony of the new S-OIL head office building

Launched lubricants joint venture with TOTAL

  • The Company and TOTAL established “S-OIL TOTAL Lubricants Co., Ltd. ”, which produces top-quality lubricants in the domestic market.
  • STLC is a lubricants joint venture created through a strategic alliance between S-OIL, a leading player in the domestic lube base oil market, and TOTAL, the world’s fourth-largest oil and gas company. STLC is expected to grow into the most competitive company in the domestic lubricant market.

Elected Mr. Ahmed A. Subaey as representative director & CEO and Mr. Cho Yang-ho as chairman of the board of directors

  • The board of directors of the Company elected Mr. Ahmed A. Subaey as representative director and CEO and Mr. Cho Yang-ho, chairman of Hanjin Group, as its chairman.
  • CEO Subaey had 27 years experience with Saudi Aramco, Saudi Arabia’s state-run oil company, in various areas including Engineering, Oil/Gas Production, Project Management, Planning and Marketing. He served as President of Saudi Petroleum (SPL), Saudi Aramco’s subsidiary in Japan, and President and CEO of Saudi Petroleum International (SPI), Saudi Aramco’s subsidiary in the U.S.

Announced Onsan refinery expansion plan

  • The Company announced a plan to invest 1.4 trillion won to build No.2 Aromatic Complex (with an annual production capacity of 900,000 tons of para-xylene and 280,000 tons of benzene) at the Onsan refinery and increase its refining capacity from 580,000 barrels per day to 630,000 barrels per day.

Adopted new CI

  • The new CI visualizes “5S-SPIRIT,” a set of values shared among all S-OIL officers and employees, in the form of five rays, and expresses S-OIL’s environment-friendly image and warm heart to customers through the harmony of yellow and green colors.
  • This progressive and sophisticated new CI also expresses S-OIL officers’ and employees’ commitment to S-OIL’s successful future.

Resolved to sell a strategic stake (28.4% of total common shares) to Hanjin Energy

  • By forming a partnership with Hanjin Group, a world-renowned transportation and logistics conglomerate, the Company laid the groundwork for its sustainable growth in Korea and reestablished the partnership between Korea and Saudi Arabia.
  • The two companies would seek to expand their customer base and provide better customer service, through the integration of their sales promotion programs including joint marketing, joint branding and joint promotion.

Launched “S-OIL Public Service Corps”

  • The Company launched the public service corps, with the voluntary participation of its officers and employees and with the aim of further reinforcing and propagating the management philosophy of “sharing.”
  • The public service corps has branches in Seoul, Ulsan and four other regions. Each branch develops volunteer programs that take into account their regional characteristics, and then provides volunteer services systematically and continuously according to the programs.

Won “Marketing Campaign of the Year”

  • The Company was named the winner of “Marketing Campaign of the Year” at the 2006 Platts Global Energy Awards held in New York.
  • The Company, which enthusiastically waged its “100 car racers” campaign in 2006, got high scores in all evaluation areas including “effective targeting,” “intelligent use of a variety of media,” “original and creative concept,” and “quantifiable results.”

30th anniversary of S-OIL, Declared “5S-SPIRIT”

  • As the year 2006 marked the 30th anniversary of the Company, the Company looked back on the past 30 years and pledged its commitment to society. It also declared “5S-SPIRIT (Superiority, Sincerity, Satisfaction, Sharing, and Smart People),” a set of values shared among all its officers and employees.
  • 5S-SPIRIT, which is a management activity practiced by all S-OIL officers and employees, signifies the officers’ and employee’s will to come closer to customers and society.

Unveiled high-octane gasoline “S Gasoline Premium”

  • The Company unveiled the premium gasoline brand with an octane number of over 100, the highest level among domestic gasoline products, to meet diverse consumer needs amid increasing numbers of imported cars.
  • S Gasoline Premium is a high-quality product that provides a quiet and comfortable driving environment by preventing engine knocking and increasing engine acceleration and power remarkably. It can also prolong engine life and improve fuel efficiency.

Appointed Dr. Samir A. Tubayyeb as representative director & CEO

  • In order to achieve its future-oriented vision, the Company appointed Dr. Samir A. Tubayyeb as representative director and CEO at the 30th extraordinary general meeting of shareholders.
  • CEO Tubayyeb had 25 years experience with Saudi Aramco, Saudi Arabia’s state-run oil company, in various areas including Project Management, Joint Venture and Planning. He served as a member of the board of directors of a Saudi Aramco subsidiary.

Acquired ISO9001 (Quality Management System) Certificate

  • By acquiring the ISO 9001:2000 (quality management system) certificate, the Company set up a quality management system for the stable production of high-quality products.
  • The Company was internationally acknowledged to carry out all activities-ranging from the import of crude oil to production, storage, distribution, sale and after-sale service-under a quality management system.

Established a system for mass-producing premium lube base oil

  • The Company doubled its capacity to produce premium lube base oil through the mass production system, thereby succeeding in developing low-polluting, high-efficient lube base oil, a necessity for next-generation engine oil.
  • The Company improved profitability remarkably by adopting hydrocracking technology and mass-producing ultra-high-quality lube base oil with very high viscosity index (VHVI) in line with economic recovery in the Asian region.

Completed “New Hyvahl Complex,” a high-viscosity bunker-C cracking and desulfurizing facility

  • The Company reduced foreign currency expenditures and made all products light and low-sulfur products, with the completion of “New Hyvahl Complex” that daily converts 57,000 barrels of high-sulfur bunker-C into ultra-low-sulfur bunker-C.
  • Since the start of its commercial operation, this facility has provided the opportunity to increase export profitability, thereby contributing significantly to the national economy as well as the improvement of S-OIL’s competitiveness and profitability.

Signed a rice purchase agreement to help farmers in Onsan-eup, Ulju-gun, Ulsan

  • The Company provided support for farmers in the Onsan area who had difficulty in selling rice due to falling rice prices and to the government’s limited rice purchase.
  • The Company purchased rice from the local farmers (excluding the volume purchased by the government) at a price higher than the market price.

Convened a rally to establish a new, cooperative labor-management culture, and agreed with labor about “no dispute”

  • Management and labor agreed to avoid wasteful disputes, increase productivity and promote the welfare of employees, thereby establishing a new labor-management culture based on mutual trust and cooperation.
  • Management and labor declared internally and externally that they would present, and jointly develop, a new model of labor-management relations to play a leading role in the information age of the 21st century.

Completed Sinwon Oil Storage Terminal (with a capacity of 9 million barrels)

  • With the completion of the large-scale Sinwon Oil Storage Terminal, the Company secured a fair-sized storage facility for crude oil and petroleum products.
  • The construction of the terminal enabled the Company to suffer from a chronic shortage of storage facilities no more, thereby operating its refinery stably and controlling inventories flexibly.

Adopted S-OIL Corporation as a new company name

  • The Company changed its name to S-OIL Corporation, a more internationalized name, as it made a fresh start as a stand-alone company.
  • The Company would try to create a new image through the adoption of new name and new CI while seeking a complete change of image through aggressive marketing campaigns.


Adopted a stand-alone management system after being separated from Ssangyong Group

  • As Ssangyong Cement Industrial, the second-largest shareholder in the Company, sold its stake as part of Ssangyong Group’s restructuring efforts, the Company was separated from Ssangyong Group and then adopted a stand-alone management system.
  • This provided a solid foundation for ensuring the basic spirit of the joint venture agreement between Korean and oil producer’s capitals once again and focusing the Company’s efforts on increasing corporate value.

Completed the Xylene Center (650,000 tons/year)

  • The Company began its petrochemical business on a full scale by constructing the Xylene Center, one of the world’s largest single plants.
  • The Xylene Center, which produces high-value-added petrochemical products, contributed significantly to reducing the imbalance between the Company and other refiners in the petrochemical area.
  Celebrated the S-OIL athletic day “Superman Day”
  • This was the first athletic day since the foundation of S-OIL that the CEO and about 800 officers and employees of the Company (excluding
  • Refinery workers) gathered together. On the day, they broke down walls between them and made sure that they were a family.

Began operation of the 1st stage Bunker-C Cracking Center facilities (Hydrocracker, 75,000 B/D)

  • The Company increased low-polluting, clean energy supplies and stabilized the supply of diesel and kerosene in winter, by completing the 1st stage Bunker-C Cracking Center that hydrocracks bunker-C and produces mostly diesel and kerosene.
  • In addition, the upgrading of refining facilities enabled the Company to contribute to the improvement of national competitiveness and cope with domestic and overseas demands promptly, thereby gaining a foothold as a state-of-the-art refinery that would lead the internationalization of the domestic oil industry.

Began operation of the 3rd atmospheric distillation unit (200,000 B/D)

  • With the successful construction of the 3rd atmospheric distillation unit, the Company raised its refining capacity significantly, thereby contributing to stabilizing the supply of petroleum products for the domestic market.
  • The 3rd atmospheric distillation unit helped the Company to reduce manufacturing hours and business expenses based on accumulated technologies and experience and to raise the Company’s daily refining capacity to 580,000 barrels.

Completed construction of R&D Center

  • The Company completed the construction of R&D Center for continuous innovation in technology and quality.
  • Thanks to the completion of R&D Center, the Company was able to put more effective and concentrated efforts on research and development, taking into account rapidly changing and developing technologies, the exclusive, international exchange of technologies, etc. The Company completed the construction of R&D Center only 14 months after the start of construction. The R&D Center, which is located in the Onsan Refinery, has now become the cradle of development of technologies.

Signed a joint-venture agreement and a crude oil purchase agreement with AOC

  • Aramco Overseas Company’s equity investment (35% stake, US$400 million) and guarantee of 20-year crude oil supply enabled the Company to effectively pursue bunker-C cracking and desulfurizing projects.
  • The Company pushed for the joint venture agreement to expand the supply of light oils, which were in short supply, and raise the capacity to produce low sulfur oil.
  • By upgrading its facilities and making its refinery state-of-the-art, the Company laid the groundwork for its growth into the most competitive oil refining and marketing company in the Asia Pacific region.

Began operation of the BTX manufacturing plant

  • In addition to raising its production capacity to meet growing gasoline demand, the Company made a foray into the downstream petrochemical sector by constructing the BTX plant that extracts high value-added benzene, toluene and xylene from gasoline.
  • The Company improved the efficiency of its refinery, by producing aromatic compounds and mixing them with gasoline or selling them to other companies as raw materials for petrochemical products. The Company also diversified its petrochemical business without remaining as a producer and supplier of naphtha.

Began operation of the 2nd atmospheric distillation unit (232,000 B/D)

  • The Company expanded refining facilities, which was urgently needed to meet increasing demand for petroleum products.
  • The Company laid the groundwork for its growth into a high-tech oil refin


Entered the domestic lubricant market

  • The Company achieved vertical integration in the lube oil business as it began to produce and supply DRAGON-branded automotive engine oil by taking advantage of its internationally competitive lube base oil.
  • The Company, which had concentrated on exporting lubricants since its commercial operation, made inroads into the domestic lubricant market finally. The Company produced high-quality engine oil by using cutting-edge technologies and supplied it to domestic consumers at a reasonable price without the burden of paying royalties on foreign brands.

Launched “Clean High-Octane Gasoline”

  • The Company announced a gasoline quality upgrade, through the launch of “Clean High-Octane Gasoline” that contained a high-quality detergent.
  • The “Clean High-Octane Gasoline” could keep engines clean, remove deposits within engines and prevent engine corrosion. The launch of the clean product enabled the Company to open an era of high-quality automotive fuels by advancing the protection of gasoline engines remarkably, overcoming problems in existing detergents, and satisfying customers’ needs.

Went public

  • The Company was reborn as a national company through the initial public offering.
  • The Company was the second oil refiner after Korea National Oil Corp. to go public, so it came to have more obligations and responsibilities as a national company.
  • The Company launched “Employee Stock Ownership Association” to help employees build wealth and make them directly participate in the distribution of the Company’s profits, thereby increasing their loyalty toward the Company and maximizing productivity.

Began commercial operation of the gasoline manufacturing plant

  • The commercial operation of the gasoline manufacturing plant enabled the Company to expand sales networks, develop more overseas markets and enter the petrochemical industry.
  • The Company could also contribute to the smooth supply of LPG to the domestic market. In addition, as manufacturing processes were designed to be suitable for the production of unleaded gasoline, the Company could actively respond to the “unleaded gasoline supply plan” that the government was pushing for as one of its comprehensive environmental protection measures.

Began operation of the high-class lube base oil plant

  • The Company succeeded in producing high-quality lube base oil domestically, by introducing the Gulf Hydro-Treating Process for the first time in Korea and for the third time in the world.
  • The Gulf Hydro-Treating Process was a highly exclusive and advanced technology. So, the introduction of the process provided the opportunity for local brands to dominate the domestic lube oil market-the place where foreign majors’ brands had fiercely competed with each other-and to replace imported lube oils.

Changed the company name to Ssangyong Oil Refining Co., Ltd.

  • An oil refining company based purely on native capital was created for the first time in Korea as Iran withdrew its investment in the Company due to the deposition of King Pahlavi and the launch of Khomeini’s revolutionary government caused by the Iranian Revolution in 1978.
  • As Ssangyong had the sole right to manage the Company, the Company could get out of the image of a joint venture and restart as a stand-alone domestic corporation.

Began operation of the 1st atmospheric distillation unit (93,000 B/D)

  • Preparations for the production of petroleum products were completed, with the construction of the 1st atmospheric distillation unit into which the Company put a lot of manpower and equipment.
  • The Company produced products on a trial basis and completed the construction of the facilities to supply water, generate high-pressure steam, treat cooling water, and receive and supply electricity.


Completed construction of factory-supporting facilities

  • The construction of jetty, railroad facilities, industrial water treatment systems, electric facilities, etc. was completed.
  • The Company built supporting facilities for the construction of crude oil loading/ unloading facilities and a jetty for its exclusive use, both of which were necessary for an oil refinery. In particular, the Company could complete the jetty, which took the longest time to construct, at the right time thanks to the government’s support.

Established Korea-Iran Petroleum Co., Ltd., a joint venture between Ssangyong Cement Industrial and NIOC

  • The joint-venture oil refining company was established when stable supply of crude oil was a top national priority following the first oil shock in the early 1970s.
  • Ssangyong Cement successfully set up the joint venture with the oil producer, avoiding the intervention of international funds. Korea-Iran Petroleum, which had a starting capital of 200 million won, was officially launched on Jan. 6, 1976 after the completion of the registration of incorporation in the Seoul Civil District Court.