S-OIL Awarded 'Best Company of the Year' by Saudi Aramco

[Asia Economy Reporter Yoonju Hwang] S-OIL announced on the 17th that it was selected as the Best Affiliate of the Year by its parent company, Saudi Aramco.

S-OIL ranked first (Best Performance) in the Operations Excellence (OE) category at the Saudi Aramco 2021 President’s Affiliates Excellence Awards, which recognizes outstanding affiliates among Saudi Aramco’s domestic and international subsidiaries and joint ventures. With this award, S-OIL has been selected as a recipient for five consecutive years since the award’s inception in 2017.

Saudi Aramco established this award in 2017 to evaluate the management performance of its global joint ventures and subsidiaries in refining and petrochemical sectors, encouraging healthy competition and sharing best practices. Awards are given annually in four categories: Health, Safety & Environment; Asset Availability; Energy Intensity; and Operational Excellence.

The OE category, which S-OIL won this year, includes evaluation elements from the other three categories and selects awardees based on a comprehensive assessment of overall management systems, activities, and performance. Evaluation criteria cover all aspects of management activities, including strategy and leadership, marketing, human resources, operational efficiency, processes, supply chain, risk management, innovation, and improvement initiatives.

This award is regarded as a reaffirmation by Saudi Aramco of the outstanding achievements firmly secured by S-OIL’s leadership, including CEO Hussein Al-Qahtani, the capabilities of its executives and employees, and its sustainability efforts. S-OIL has successfully completed large-scale investments in the Refining and Petrochemical Complex (RUC/ODC) and is generating excellent management performance through a balanced portfolio in core business areas and stable operations. Following its unique achievement among domestic refiners in turning operating profit positive in the fourth quarter of last year, S-OIL realized operating profit of 629.2 billion KRW in the first quarter of this year?twice the market forecast?and achieved the highest operating margin (11.8%) among competitors.