"Oil-Producing and Consuming Countries, Successful Economic Cooperation Model" S-Oil CEO Receives Industrial Medal

[Asia Economy Reporter Choi Dae-yeol] Hussein Al Qatani, CEO of S-OIL, received the Silver Tower Order of Industrial Service Merit at the 58th Trade Day ceremony held on the 6th.

CEO Al Qatani was recognized as a meritorious person for successfully operating the Ulsan refining and petrochemical complex facility, in which 5 trillion won was invested, and for steadily pushing forward follow-up investments worth 7 trillion won despite the COVID-19 situation, thereby enhancing the nation's export competitiveness. He was also acknowledged for establishing the ESG Committee to proactively address energy transition and carbon neutrality, as well as for taking the lead in the hydrogen industry.

S-OIL is majority-owned by AOC (Aramco Overseas Company B.V.), a subsidiary of Saudi Arabia's national oil company Aramco. Al Qatani, originally from Saudi Arabia, worked at Aramco for 29 years before becoming CEO of S-OIL in June 2019. The company explained that he led performance improvements by stably operating the new petrochemical complex facility and making decisions to enhance overall plant efficiency.

Even when regional refining facilities lowered their operating rates due to COVID-19, S-OIL maintained steady operations, and its operating profit reached 1.7 trillion won by the third quarter of this year, the highest level since the company's establishment. Export performance is expected to exceed 12 billion dollars by the end of the year. Notably, in the first half of this year, S-OIL took a leading role in signing a 3.5 billion dollar supply contract with Aramco's Singapore subsidiary, demonstrating S-OIL as a successful economic cooperation model between oil-producing and consuming countries.