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.

It operates as a listed corporate investor, not a family office. The firm is an operating refinery and petrochemical manufacturer whose investable assets are its own physical plant, real estate, and joint ventures. Saudi Aramco, the majority shareholder, uses the entity as a downstream investment platform in Northeast Asia rather than as a vehicle for managing a family's personal wealth.

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.

Yes — the firm has two foundations: the S-Oil Science Prodigy and Culture Foundation and the S-Oil Ulsan Welfare Foundation. The former sponsors STEM talent development and cultural programs, while the latter focuses on community welfare around the Onsan complex. S-Oil has also contributed to the Community Chest of Korea as a corporate donor since 2004.

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.