S-Oil names former head of Aramco Asia as its new CEO

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S-Oil names former head of Aramco Asia as its new CEO

Published: 09 May. 2023, 18:12 Updated: 09 May. 2023, 18:38

Anwar A. Al-Hejazi, former CEO of Aramco Asia, was appointed as a new CEO of S-Oil on Tuesday. [S-OIL]

S-Oil named Anwar A. Al-Hejazi, former CEO of Aramco Asia, as its new CEO on Tuesday.

The appointment, finalized after an extraordinary shareholders’ meeting and a board of directors’ meeting, came four years after its previous CEO Hussain A. Al-Qahtani came to the office.

Saudi Arabia’s state-run Aramco owns 63.4 percent of S-Oil.

“We believe he has built a career and qualifications to deliver outstanding performance for S-Oil during this critical time when the company is driving strategic growth to prepare for the energy transition through the Shaheen Project,” a spokesperson for S-Oil said in a release.

On March 9, S-Oil broke ground on the 9.26-trillion-won ($7 billion) Shaheen Project in Ulsan, which involves the building of a 3.2-million-ton petrochemicals production facility in the southeastern city by 2027. The goal is to expand its portfolio outside the traditional oil business and into petrochemicals.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]