S-OIL Declares New Growth Strategy 'Vision 2030'

Establishment of Strategic Goals for Full-Scale ESG Management Including Carbon Emission Minimization Roadmap
Continued Large-Scale Investment Projects Aiming to Double Petrochemical Share

[Asia Economy Reporter Yoonju Hwang] S-OIL has announced 'Vision 2030,' a long-term growth strategy framework to respond to rapidly changing global trends such as energy transition and carbon neutrality.

'Vision 2030' consists of a vision, strategic goals, and an investment roadmap to prepare for uncertainties in the future business environment and to sustain a solid competitive advantage. S-OIL presented its vision for 2030 as "an eco-friendly energy chemical company with the best competitiveness and creativity."

As one of the strategic goals to achieve Vision 2030, S-OIL has established an investment roadmap to minimize carbon emissions by 2030 in line with the government's carbon reduction efforts. Additionally, it plans to consistently continue investments in the petrochemical business, which has been promoted as a long-term growth strategy, aiming to expand more than twice the current scale. To this end, following the completion of the refining and petrochemical complex facility (RUC&ODC) in May 2018 with an investment of 5 trillion won, S-OIL plans to successfully complete the newly promoted Shaheen project and expand the petrochemical share from the current 12% to about 25% based on production volume.

The strategic framework to achieve Vision 2030 aims to maximize profitability in existing business areas such as refining, petrochemicals, and lubricants by securing top-level competitiveness, while also entering new business fields such as hydrogen, fuel cells, and recycling to drive the company's sustainable growth. Along with this, by explicitly including 'Clean' in the new Vision 2030, S-OIL expressed its commitment to strengthening ESG (Environmental, Social, and Governance) management, including eco-friendliness, transparency in business activities, and ethics.

Al-Katani Hussein, CEO of S-OIL, said, "We will continue strategic reviews in new business areas to seek growth opportunities and ensure the achievement of Vision 2030," adding, "All employees, the company's most valuable assets, should respond more creatively to changes in the business environment and fulfill their roles with a one-team spirit."

To establish a long-term growth strategy in preparation for the rapidly changing business environment, S-OIL has proactively refined its strategic framework and established the new vision by listening to diverse ideas from employees and holding several management workshops since early this year.

This content was produced with the assistance of AI translation services.