Othman Al-Ghamdi, chief executive of S-Oil
South Korea-based S-Oil Corp. wholly owned by Saudi Aramco will complete construction of its residue-upgrading complex (RUC) and olefin downstream complex (ODC) in April, which will help enhance its competitiveness by producing more high value-added products, the company’s chief executive said Monday.
Othman Al-Ghamdi, chief executive of S-Oil, said on Monday that the company will focus this year on successfully completing its residue upgrading and capacity expansion project that is underway at its Onsan refinery complex in Ulsan in southern coast.
The 4.8-trillion won ($4.46 billion) RUC/ODC project involves building a facility that produces high-valued chemical products such as propylene and gasoline using residues left after refining crude oil, and then using propylene to product polypropylene and propylene oxide.
S-Oil broke ground for the RUC/ODC project in May, 2016, with an aim to complete construction by April, this year. When construction is completed, the company expects to recoup initial investment in six years.
In addition to the new project, Al-Ghamdi also said that the refiner will focus on digital transition by applications of big data under its Vision 2025 with the goal of becoming the most competent chemical player company in Asia-Pacific region.
In the first nine months of last year, S-Oil raised 1.004 trillion won in operating profit on sales of 15.77 trillion won.
Shares of S-Oil Wednesday closed up 3.07 percent at 117,500 won from the previous session.
By Woo Je-yoon and Lee Eun-joo
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