S-Oil reshuffles senior management

By Lee Hyo-sik

S-Oil has reshuffled its senior management to more effectively cope with rapidly changing market conditions and find new growth engines, the refiner said Wednesday.

The company, headed by CEO Othman al-Ghamdi, said President Park Bong-soo, who oversaw its refinery business, will manage overall corporate operations.

President Ryu Yeol, who was in charge of the firm’s chemical business, will head the corporate strategy and services division, while Executive Vice President Ahn Jong-beom will manage international marketing.

Executive Director Kim Hyung-bae has been promoted to senior vice president supervising the refiner’s residue upgrading complex.

“The latest reshuffle is aimed at pulling together all our capabilities for the successful implementation of our investment projects and further strengthen accountability among senior managers,” an S-Oil spokesman said. “These changes will enable us to better cope with the fast changing market environment.”

The refiner recently decided to pay dividends to its shareholders, amounting to 60 percent of its 1.2 trillion won ($1.04 billion) net profit last year. Of the 720 billion won, Saudi Aramco, which has a 63.4 percent stake in S-Oil, will receive 456 billion won.

In 2016, the firm earned a record-high 1.69 trillion won in operating profit.

Its 4.5 trillion won project to construct a refinery in the southeastern industrial city of Ulsan, which began in 2015, will be completed in the first half of 2018.

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