CEO Anwar Al-Hejazi Leads S-OIL’s Landmark Shaheen Project to Completion as the Company Celebrates Its 50th Anniversary

As S-OIL marks its 50th anniversary in 2026, a landmark investment project poised to leave a lasting legacy in Korea’s petrochemical industry is nearing completion. The Shaheen Project, with a total investment of KRW 9.258 trillion, is the largest investment project ever undertaken in Korea’s petrochemical industry. Since taking the helm of S-OIL in 2023, Representative Director & CEO Anwar Al-Hejazi has been driving the Project toward completion while laying the foundation for the company’s next chapter of growth.

To sustain growth amid the global energy transition and the drive toward carbon neutrality, S-OIL has invested more than KRW 14 trillion over the past decade to enhance the competitiveness of its petrochemical business. As the first step in this transformation, the company invested KRW 5 trillion in the Residue Upgrading Complex and Olefin Downstream Complex (RUC & ODC), which began commercial operations in 2018. The Project successfully integrated refining and petrochemical operations, enabling S-OIL to expand its petrochemical footprint and laying the foundation for its strategic shift from refining to chemicals. Building on that foundation, the Shaheen Project represents the next phase of S-OIL's transformation?an ambitious initiative designed to increase the company’s petrochemical yield from 12% to 25% while strengthening its global competitiveness in response to growing demand for basic materials.

At the heart of the Shaheen Project is the TC2C (Thermal Crude-to-Chemicals) technology, an advanced process that converts crude oil and by-products into petrochemical feedstocks through streamlined separation and catalytic conversion. Compared with conventional facilities, TC2C can achieve petrochemical feedstock yields that are three to four times higher. The project also includes one of the world's largest steam crackers, with ethylene production capacity of 1,800 KTA, along with other highly efficient production facilities. Combining superior cost competitiveness with outstanding energy efficiency, the Shaheen Project is expected to significantly enhance the stability of Korea's petrochemical feedstock supply. Through the Project, S-OIL plans to provide a reliable supply of products via pipeline to downstream petrochemical companies in the Ulsan and Onsan industrial complexes, while actively expanding its presence in overseas markets. The company is also strengthening its export marketing efforts through a polyethylene export agreement with SABIC, leveraging the partner’s extensive global network to help position Korea as a key hub in the global petrochemical supply chain.

CEO Anwar Al-Hejazi is a veteran in the petrochemical and energy industries with nearly three decades of experience. After earning a degree in chemical engineering from King Fahd University of Petroleum and Minerals, he joined Saudi Aramco in 1996 and has built an extensive career across the global energy and petrochemical sectors. In his 2026 New Year's message, Al-Hejazi highlighted the significance of the year ahead, stating, “2026 is a landmark year for S-OIL as we celebrate our 50th anniversary and bring the Shaheen Project to fruition. The successful completion of the Shaheen Project will mark a major turning point in our journey, accelerating S-OIL's progress toward its vision of becoming the most competitive, innovative, and trusted energy and chemicals company.”

Since being appointed CEO in 2023, Al-Hejazi has remained focused on delivering the Shaheen Project, which broke ground that same year. As the Project nears completion, S-OIL’s expanding collaboration with petrochemical companies underscores Al-Hejazi’s leadership capabilities and is helping lay the foundation for enhancing the competitiveness of Korea’s petrochemical value chain. With the Shaheen Project nearing completion, Al-Hejazi has also been driving initiatives to reinforce S-OIL's fundamental strengths while accelerating digital and AI-driven innovation across the organization. As a result, he has earned recognition for demonstrating balanced leadership - advancing operational excellence and driving future-oriented transformation in tandem.

Ryu Yul, President of Corporate Strategy & Services at S-OIL, said “the successful completion of the Shaheen Project will represent a major step forward in the evolution of S-OIL's business portfolio. Beyond that, it is expected to strengthen the competitiveness of Korea's petrochemical industry and reinforce supply chain stability, delivering benefits to a sector that has long been a pillar of the national economy.”