S-Oil Takes Top Spot From SK

The market value of S-Oil Corp., the third largest domestic oil company in terms of sales, has surpassed that of its chief rival and market leader, SK Corp.

S-Oil has been able to lure foreign investors on the main stock exchange recently by promising to provide dividends equal to 75 percent of par value this year, market experts said. SK's shares have fallen because of its difficulties selling off SK Telecom.

Based on Wednesday's closing prices, S-Oil's market capitalization was 1.73 trillion won ($1.29 billion), topping SK's 1.51 trillion won. SK had 14.02 trillion won in sales last year compared with S-Oil's 8.08 trillion won.

The price of SK's shares has fallen from 16,000 won in February to Wednesday's close at 11,800 won. S-Oil's stock price, during the same period, has climbed from 21,000 won to 30,600 won.