[Column] S-Oil "50th Anniversary... We Will See the Fruition of the 'Shaheen Project'"

CEO Anwar Al Hizaji Holds Kickoff Ceremony
'Ulsan Project with 9 Trillion Won Investment' Surpasses 92% Completion Rate

S-Oil, marking its 50th anniversary, has designated 2026 as the "Year of Shaheen Project Fruition" and expressed its determination to mobilize all organizational capabilities. Despite ongoing uncertainties in internal and external business environments, the company conveyed a message of unwavering commitment to completing its large-scale investment, which will determine its future growth.

Anwar Al Hizaji, CEO of S-Oil, is delivering the New Year's address for 2026. S-Oil

Anwar Al Hizaji, CEO of S-Oil, stated in his 2026 New Year's address, "2026 is a meaningful year as it marks both the 50th anniversary of our founding and the fruition of the Shaheen Project." He went on to emphasize, "In 2026, we must focus all organizational capabilities and resources to successfully complete the Shaheen Project, which will become the company's new growth engine." The Shaheen Project, currently underway in Ulsan, represents the largest investment in S-Oil's history, with a scale of 9 trillion won. The company aims to elevate its profit structure by expanding from the refining business into the petrochemical value chain.

CEO Al Hizaji noted, "Despite a challenging business environment in 2025, we were able to pursue key tasks without setbacks thanks to the dedication of our employees. Although 2026 is also expected to be a difficult year, S-Oil has achieved growth by making bold investment decisions for the future and executing them meticulously when others hesitated." He added, "The success of the project will be a turning point for S-Oil, propelling us toward our vision of becoming the most competitive, innovative, and trusted energy and chemical company."

For the new year, S-Oil has identified the following as core tasks: the safe completion and stable operation of the Shaheen Project; the establishment of a safety culture and management system; strengthening fundamental competitiveness through solid operations; and work innovation through digital and artificial intelligence (AI) transformation.

Meanwhile, the Shaheen Project has surpassed a progress rate of 92%, with mechanical completion targeted for June 2026.