Interviews
S-OIL begins operation of world's largest single train PX plant
22 Oct '11
5 min read
Saudi Arabia Minister of Petroleum and Mineral Resources, Al Naimi said in his congratulatory address, “cooperation between S-OIL and Saudi Aramco is seen as the most ideal model of economic cooperation between an oil producing country and an oil consuming country. It is known as the most successful case out of the many projects that Saudi Arabia has undertaken around the world.” He went onto say that the ties between S-OIL and Saudi Aramco maintained for more than 20 years is the symbol for friendship of Korea and Saudi Arabia beyond a mere exchange between the two companies.”
He wrapped up his speech by noting “Korea's know-how on economic development, sophisticated technology, people's confidence and hard-working spirits are something to learn. I truly hope that the inauguration becomes yet another turning point for the two countries to emerge as new strategic partners.”
Speaking to the audience, CEO of S-OIL, Ahmed A. Subaey introduced “the new aromatics complex, which produces textile material capable of producing 3.4 billion pieces of clothes a year, will enrich the lives of mankind.”
He said that S-OIL has expanded its business domain onto renewable energy solar PV, thereby proactively supporting the national initiative for green growth.
Subaey CEO went onto an old Korean saying goes “Jang-gwa chin-gu-nun o-rae mu-geo-ya je-ma-shi-da,” which means “Sauce and friends improve with age” like the Western's “Old wine and friends improve with age.” He said “Korea and Saudi Arabia have long maintained close friendship as old friends. I hope this gathering will serve as an opportunity to deepen mutual partnership.”
S-OIL, which enjoys world-class competitiveness in refining and lubricant business driven by continuous investment in high value added facilities since 1990s, will be able to witness increase in profitability generated from Onsan Refinery Expansion Project.
By selling products streaming out of the new plant to overseas markets, S-OIL expects to add another USD $2 billion to its export revenues a year. Price of PX, which is the major production from the PX plant, has constantly rose since bottoming out from $847/ton in July, 2011 to reach record-high of $1,698/ton in March this year. It has stayed above $1,400 for several months and closed at an average of $1,675 in Sep.
Since commercial operation in mid-Apr., S-OIL's 2Q sales in its petrochemical business achieved 915.6 billion Won in sales and 77.2 billion Won in operating income, growing by 156% and a whopping 852%, respectively.
An official at S-OIL said “supply volume will not increase in the next couple of months since it was only very recently that other companies announced PX plant projects while PX demand in Asia will see a huge growth largely driven by polyester industry expansion in China. As the most influential PX supplier in the Asia Pacific region, we will take full advantage of being geographically adjacent to the global center of demand to become the most competitive supplier.”
He wrapped up his speech by noting “Korea's know-how on economic development, sophisticated technology, people's confidence and hard-working spirits are something to learn. I truly hope that the inauguration becomes yet another turning point for the two countries to emerge as new strategic partners.”
Speaking to the audience, CEO of S-OIL, Ahmed A. Subaey introduced “the new aromatics complex, which produces textile material capable of producing 3.4 billion pieces of clothes a year, will enrich the lives of mankind.”
He said that S-OIL has expanded its business domain onto renewable energy solar PV, thereby proactively supporting the national initiative for green growth.
Subaey CEO went onto an old Korean saying goes “Jang-gwa chin-gu-nun o-rae mu-geo-ya je-ma-shi-da,” which means “Sauce and friends improve with age” like the Western's “Old wine and friends improve with age.” He said “Korea and Saudi Arabia have long maintained close friendship as old friends. I hope this gathering will serve as an opportunity to deepen mutual partnership.”
S-OIL, which enjoys world-class competitiveness in refining and lubricant business driven by continuous investment in high value added facilities since 1990s, will be able to witness increase in profitability generated from Onsan Refinery Expansion Project.
By selling products streaming out of the new plant to overseas markets, S-OIL expects to add another USD $2 billion to its export revenues a year. Price of PX, which is the major production from the PX plant, has constantly rose since bottoming out from $847/ton in July, 2011 to reach record-high of $1,698/ton in March this year. It has stayed above $1,400 for several months and closed at an average of $1,675 in Sep.
Since commercial operation in mid-Apr., S-OIL's 2Q sales in its petrochemical business achieved 915.6 billion Won in sales and 77.2 billion Won in operating income, growing by 156% and a whopping 852%, respectively.
An official at S-OIL said “supply volume will not increase in the next couple of months since it was only very recently that other companies announced PX plant projects while PX demand in Asia will see a huge growth largely driven by polyester industry expansion in China. As the most influential PX supplier in the Asia Pacific region, we will take full advantage of being geographically adjacent to the global center of demand to become the most competitive supplier.”
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