# S-Oil

S-Oil is a Corporate Investor based in Seoul, South Korea.

## Overview

- **Organization type:** Corporate Investor
- **Headquarters:** Seoul, South Korea
- **Region:** Asia
- **Address:** 192, Baekbeom-ro, Mapo-gu, Seoul, South Korea
- **Founded:** 1976
- **Assets under management:** Undisclosed
- **Website:** s-oil.com
- **LinkedIn:** https://www.linkedin.com/company/s-oil-corporation

## Regulatory record

- **Reports private funds:** No

## About

S-Oil Corporation is a Seoul-based corporate investor with approximately $17.1 billion in assets across 2 funds. It focuses on investments in Asia.

## Sectors

- Energy Transition & Renewables
- Infrastructure
- Real Estate

## Offices

- Ulsan, South Korea

## Questions

### Who is the controlling shareholder of 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.

### What is the Shaheen project and what does it signal for S-Oil's strategy?

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.

### How does S-Oil source its crude feedstock?

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.

### What is the firm's relationship with TotalEnergies?

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.

### What physical real assets does S-Oil hold beyond the Onsan Refinery?

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.

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- [S & H Solutions](https://altss.com/profile/s-h-solutions)
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Last updated: 2026-06-03T20:00:00.000Z

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