Ahmed Al-Arnaout, president and CEO of Aramco Services Co. (ASC), a wholly owned subsidiary of Saudi Aramco, has accepted the position of vice chairman and CEO of South Korea's S-Oil Corp. S-Oil is 35 percent owned by Aramco Overseas Co. (AOC), another wholly owned Saudi Aramco subsidiary.
Saudi Aramco acquired its stake in S-Oil's predecessor, SsangYong Oil Refining Co. Ltd., in 1991. The company name was changed to S-Oil in March 2000. S-Oil engages in oil refining and marketing, lube-base oil production, lubricant blending and petrochemicals.
S-Oil owns and operates a refinery complex at Onsan, on the southeast coast of the Korean peninsula, with headquarters in Seoul. The refinery processes more than 500,000 barrels of crude oil per day, of which 95 percent is supplied by Saudi Aramco.
S-Oil operates a nationwide distribution and marketing network that includes seven major product distribution terminals from which it supplies more than 1,400 affiliated service stations and 150 filler stations. S-Oil also exports refined products to other Asia-Pacific markets.
S-Oil posted a net profit of 187.2 billion won ($150.4 million) on 7.4 trillion won ($5.9 billion) in revenue in 2002. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
