S-Oil

Saudi Aramco holds a 63.45% stake through Aramco Overseas Company B.V., a subsidiary registered in the Netherlands. The remaining shares trade on the Korea Exchange, where the firm is listed. TotalEnergies also maintains a minority joint-venture position in the S-OIL TotalEnergies Lubricants subsidiary.

Shaheen is a planned steam cracker and petrochemical complex in Ulsan, announced with a projected cost of approximately $7 billion (per Reuters, 2022). It targets 3.2 million tons of annual petrochemical feedstock production, primarily ethylene and propylene, with start-up expected in 2026. The project represents S-Oil's deepest shift from fuel refining toward integrated chemicals, aligning with Aramco's global liquids-to-chemicals push.

Saudi Aramco supplies the majority of crude processed at the Onsan Refinery under long-term offtake arrangements tied to the parent's equity stake. This creates a structurally captive supply chain: Aramco ships Saudi crude grades — primarily Arab Light and Arab Extra Light — directly to Ulsan, giving S-Oil a feedstock-cost advantage over Korean peers reliant on open-market procurement.

TotalEnergies is a joint-venture partner in S-OIL TotalEnergies Lubricants, a subsidiary that produces base oils and finished lubricants. Total holds a minority stake in that venture; the ownership split is distinct from Aramco's majority holding at the parent level. The lubricant JV was formalized in 2008 and markets products across Asia-Pacific.

Beyond Onsan, the firm owns the Incheon Oil Depot for product storage and distribution, the S-Oil TS&D Center in Seoul for technical development, and the S-Oil Head Office Building in Mapo-gu, Seoul — a commercial real estate asset on the corporate balance sheet. The combined physical infrastructure supports both domestic distribution and export logistics.