MIRA
INFORM REPORT
|
Report Date : |
08.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
S-OIL CORPORATION |
|
|
|
|
Registered Office : |
45th Fl., Korea Life Insurance 63 Bldg.
60, Yeoeuido-dong, Yeongdeungpo-gu, Seoul, 150-763 |
|
|
|
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Country : |
Korea |
|
|
|
|
Financials (as on) : |
30.06.2008 |
|
|
|
|
Date of Incorporation : |
01.06.1976 |
|
|
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Com. Reg. No.: |
116-81-36743 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Export and Import of Gasoline, Kerosene, Light Oil, Lubricants,
Asphalt, Petrochemicals, LPG |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
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|
|
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Payment Behaviour : |
Regular |
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|
|
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Litigation : |
Exists |
Basic
|
Company
Name |
S-OIL CORPORATION |
|
Registered Address |
60, Yeoeuido-dong, Yeongdeungpo-gu, Seoul,
Korea |
|
Building |
45th Fl., Korea Life Insurance 63 Bldg. |
|
Zip Code |
150-763 |
|
Tel |
+82-2-3772-5151 |
|
Fax |
+82-2-786-4030 |
|
E-mail |
eypark@s-oil.com |
|
Website |
www.s-oil.com |
|
Trading Address |
45th
Fl., Korea Life Insurance 63 Bldg., 60, Yeoeuido-dong, Yeongdeungpo-gu,
Seoul, Korea |
|
Tel |
+82-2-3772-0777 |
|
Fax |
+82-2-786-4030 |
|
Other Address- Onsan Factory |
360, Sanam-ri, Onsan-eup, Ulju-gun, Ulsan,
Korea |
|
Tel |
+82-52-231-2114 |
|
Fax |
+82-52-231-2048 |
|
Other Address- Incheon Oil Reservoir |
70, Hang-dong 7-Ga, Jung-gu, Incheon
400-037 Korea |
|
Tel |
+82-32-880-5880 |
|
Fax |
+82-32-884-2808 |
|
Other Address- Busan Oil Reservoir |
5fl. S-Oil Building 67-6, Jwacheon-dong,
Dong-gu, Busan 601-050 Korea |
|
Tel |
+82-51-644-5192 |
|
Other Address- Mukho Oil Reservoir |
20 Bugok-dong, Donghae-si, Gangwon-do
240-030 Korea |
|
Tel |
+82-33-533-2661 |
|
Other Address- Gunsan Oil Reservoir |
1-10 Soryong-dong, Gunsan-si, Jeonbuk-do
573-400 Korea |
|
Tel |
+82-63-467-3131 |
|
Fax |
+82-63-467-3130 |
|
Other Address- Yeosu Oil Reservoir |
Nakpo-dong, Yeosu-si ,Jeonnam-do 555-250
Korea |
|
Other Address- Jeju Oil Reservoir |
1fl. Halla Oil Building 908, Geonip-dong,
Jeju-si, Jeju-do 690-050 Korea |
|
Tel |
+82-64-722-3251 |
|
Fax |
|
|
Other Address- Yeongcheon Reservoir |
San 150, Guji-Ri, Daechang-Myeon, Yeongcheon-Si,
Gyeongbuk-do 770-911 Korea |
|
Tel |
+82-54-335-1775 |
|
Type |
Export/Import |
|
Industry |
Petroleum Refineries |
|
Main Business |
Gasoline, Kerosene, Light Oil, Lubricants, Asphalt, Petrochemicals,
LPG |
|
Established (mm/dd/yyyy) |
01/06/1976 |
The Subject
occupies the premises of registered HQ address by leasing base.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Gasoline or Petrol(15101506) |
|
Sell |
Lubricating preparations(15121500) |
|
Sell |
Diesel fuel(15101505) |
|
Sell |
Aromatic or heterocyclic compounds(12352005) |
|
Sell |
Kerosene(15101502) |
|
Sell |
Engine oil(15121501) |
|
Sell |
Chemistry reagents or solutions(41116105) |
CEO’s
|
Name |
A.A. Al-Subaey |
|
Address |
- |
|
Date of Birth |
12/08/1962 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
- |
Profiles
|
Capital |
291,511,797,500 KRW |
|||||||||||||||
|
Employees |
2,410 |
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|
Formation |
Listed Company(KOREA STOCK EXCHANGE : 010950)
as of 05/08/1987 Foreign Direct Investment Corporation |
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|
Bank Details |
Korea Development Bank Woori Bank-Dong Yoido Branch Shinhan Bank-Yoido Nam Branch Hana Bank-Kangseo Corporate Branch |
|||||||||||||||
|
Corporate Registered No. |
110111-0189955 |
|||||||||||||||
|
Business Registered No. |
116-81-36743 |
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Permit & Licenses |
90/2003 ISO 9001 Int’l Trade No.: 813156 |
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Shareholder Position |
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Company
History
May. 2008 The
Company and TOTAL established “S-OIL TOTAL Lubricants Co., Ltd. ”, which
produces top-quality lubricants in the domestic market.
Mar. 2008 The board
of directors of the Company elected Mr. Ahmed A. Subaey as representative
director & CEO and Mr. Cho Yang-ho, chairman of Hanjin Group, as its
chairman.
Nov. 2007 The
Company announced a plan to invest 1.4 trillion won to build No.2 Aromatic
Complex (with an annual production capacity of 900,000 tons of para-xylene and
280,000 tons of benzene) at the Onsan refinery and increase its refining
capacity from 580,000 barrels per day to 630,000 barrels per day.
Jul. 2007 The new
CI visualizes “5S-SPIRIT,” a set of values shared among all S-OIL officers and
employees, in the form of five rays, and expresses S-OIL’s environment-friendly
image and warm heart to customers through the harmony of yellow and green
colors.
Mar. 2007 By
forming a partnership with Hanjin Group, a world-renowned transportation and
logistics conglomerate, the Company laid the groundwork for its sustainable
growth in Korea and reestablished the partnership between Korea and Saudi
Arabia.
Jan. 2007 The
Company launched the public service corps, with the voluntary participation of
its officers and employees and with the aim of further reinforcing and
propagating the management philosophy of “sharing.”
Dec. 2006 The
Company was named the winner of “Marketing Campaign of the Year” at the 2006
Platts Global Energy Awards held in New York.
Jun. 2006 As the
year 2006 marked the 30th anniversary of the Company, the Company looked back
on the past 30 years and pledged its commitment to society. It also declared
“5S-SPIRIT (Superiority, Sincerity, Satisfaction, Sharing, and Smart People),”
a set of values shared among all its officers and employees.
Apr. 2006 The
Company unveiled the premium gasoline brand with an octane number of over 100, the
highest level among domestic gasoline products, to meet diverse consumer needs
amid increasing numbers of imported cars.
Oct. 2005 In order
to achieve its future-oriented vision, the Company appointed Dr. Samir A.
Tubayyeb as representative director and CEO at the 30th extraordinary general
meeting of shareholders.
Sep. 2003 By
acquiring the ISO 9001:2000 (quality management system) certificate, the
Company set up a quality management system for the stable production of
high-quality products.
Dec. 2002 The
Company doubled its capacity to produce premium lube base oil through the mass
production system, thereby succeeding in developing low-polluting,
high-efficient lube base oil, a necessity for next-generation engine oil.
Nov. 2002 The
Company reduced foreign currency expenditures and made all products light and
low-sulfur products, with the completion of “New Hyvahl Complex” that daily
converts 57,000 barrels of high-sulfur bunker-C into ultra-low-sulfur bunker-C.
Nov. 2001 The
Company provided support for farmers in the Onsan area who had difficulty in
selling rice due to falling rice prices and to the government’s limited rice
purchase.
Sep. 2001
Management and labor agreed to avoid wasteful disputes, increase productivity
and promote the welfare of employees, thereby establishing a new
labor-management culture based on mutual trust and cooperation.
Sep. 2000 With the
completion of the large-scale Sinwon Oil Storage Terminal, the Company secured
a fair-sized storage facility for crude oil and petroleum products.
Mar. 2000 The
Company changed its name to S-OIL Corporation, a more internationalized name,
as it made a fresh start as a stand-alone company
Dec. 1999 As
Ssangyong Cement Industrial, the second-largest shareholder in the Company,
sold its stake as part of Ssangyong Group’s restructuring efforts, the Company
was separated from Ssangyong Group and then adopted a stand-alone management
system.
Dec. 1997 The
Company began its petrochemical business on a full scale by constructing the
Xylene Center, one of the world’s largest single plants.
Apr. 1997 With the
completion of the 2nd stage Bunker-C Cracking Center, the largest bunker-C
cracking plant in Korea, the Company was reborn as a state-of-the-art oil
refinery that would lead the future of the oil refining industry.
Mar. 1996 The
Company increased low-polluting, clean energy supplies and stabilized the
supply of diesel and kerosene in winter, by completing the 1st stage Bunker-C
Cracking Center that hydrocracks bunker-C and produces mostly diesel and
kerosene.
Jan. 1995 With the
successful construction of the 3rd atmospheric distillation unit, the Company
raised its refining capacity significantly, thereby contributing to stabilizing
the supply of petroleum products for the domestic market.
Nov. 1991 Completed
construction of R&D Center
Aug. 1991 Saudi
Aramco’s equity investment (35% stake, US$400 million) and guarantee of 20-year
crude oil supply enabled the Company to effectively pursue bunker-C cracking
and desulfurizing projects.
Apr. 1991 In
addition to raising its production capacity to meet growing gasoline demand,
the Company made a foray into the downstream petrochemical sector by
constructing the BTX plant that extracts high value-added benzene, toluene and
xylene from gasoline.
Jan. 1991 The
Company laid the foundation for its growth into a high-tech oil refinery.
Jul. 1989 The
Company achieved vertical integration in the lube oil business as it began to
produce and supply DRAGON-branded automotive engine oil by taking advantage of
its internationally competitive lube base oil.
Apr. 1989 The
Company announced a gasoline quality upgrade, through the launch of “Clean
High-Octane Gasoline” that contained a high-quality detergent.
May. 1987 The
Company was reborn as a national company through the initial public offering.
May. 1985 The
commercial operation of the gasoline manufacturing plant enabled the Company to
expand sales networks, develop more overseas markets and enter the
petrochemical industry.
Jan. 1981 The
Company succeeded in producing high-quality lube base oil domestically, by
introducing the Gulf Hydro-Treating Process for the first time in Korea and for
the third time in the world.
Jun. 1980 An oil
refining company based purely on native capital was created for the first time
in Korea as Iran withdrew its investment in the Company due to the deposition
of King Pahlavi and the launch of Khomeini’s revolutionary government caused by
the Iranian Revolution in 1978.
May. 1980
Preparations for the production of petroleum products were completed, with the
construction of the 1st atmospheric distillation unit into which the Company
put a lot of manpower and equipment.
In the 1970s, Korea
needed fundamental measures to ensure a stable supply of crude oil as it faced
its first oil crisis due to the outbreak of war in the Middle East. Thus, in
order to help fulfill the national wish for direct transactions with oil
producing countries and to secure its own energy supplies, Ssangyong Group
established Korea-Iran Petroleum Co., Ltd., a joint venture between Ssangyong
Cement Industrial Co., Ltd. and National Iranian Oil Company (NIOC).
Aug. 1979 The
construction of jetty, railroad facilities, industrial water treatment systems,
electric facilities, etc. was completed.
Jan. 1976 The
joint-venture oil refining company was established when stable supply of crude
oil was a top national priority following the first oil shock in the early
1970s.
The Subject Company
is a Korea-based company engaged in the oil refining and marketing business. The
Company operates its business under three segments: oil refining segment, lube
oil segment and petrochemical segment. Its oil refining segment provides
gasoline used for automobiles, kerosene and diesel used as heating fuel, bunker
oil used as fuel for industries and marine transportation, liquid petroleum gas
and other light oil. Its lube oil segment provides lube base oil, automobile
oils such as gasoline engine oil, gear oil and transmission oil, and industrial
oil such as hydraulic oil. Its petrochemical segment provides benzene, toluene,
xylene and para-xylene used as materials of petrochemical products. During the
year ended December 31, 2007, oil refining segment accounted for approximately
85% of the Company’s total sales.
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education/Career |
|
Chairman |
Mr. |
Cho Yang-Ho |
Korean |
1949-03-08 |
Inha University |
|
President & CEO |
Mr. |
A.A. Al-Subaey |
- |
1961-12-08 |
Arizona State University |
|
Director |
Mr. |
K.G. Al-Buainain |
- |
1959-01-11 |
- |
|
Director |
Mr. |
I.Q. Al-Buainain |
- |
1967-08-13 |
- |
|
Outside Director |
Mr. |
A.O. Al-Ajaji |
- |
1941-07-25 |
- |
|
Outside Director |
Mr. |
Jung Sung-Taik |
Korean |
1943-06-16 |
Washington University |
|
Outside Director |
Mr. |
Han Sang-Ho |
Korean |
1950-03-28 |
Seoul National University |
|
Outside Director |
Mr. |
S.A. Al-Ashgar |
- |
1937-09-07 |
- Saudi Aramco
Senior Vice President |
|
Outside Director |
Mr. |
A.M. Al-Seflan |
- |
1941-07-25 |
- Saudi Aramco
Senior Vice President |
|
Auditor |
Mr. |
Chang Kyung-Hwan |
Korean |
1950-01-22 |
Southern California University |
|
Outside Director |
Mr. |
Jung Moon-Soo |
Korean |
1949-09-21 |
Michigan University |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
15,218,720,293,016 |
9,459,371,809,587 |
746,495,688,118 |
|
|
2006 |
14,555,900,028,027 |
6,663,938,543,924 |
758,563,379,017 |
|
2005 |
12,232,327,031,738 |
6,114,528,848,059 |
654,925,847,878 |
|
2004 |
10,688,705,170,836 |
5,545,661,724,236 |
941,103,632,216 |
Financial Description
Unit: KRW
|
Authorized
Capital |
600,000,000,000 |
|
Paid-Up
Capital |
291,511,797,500 |
|
Total Issues Shares |
116,604,719 |
Balance
Sheet
|
Unit : Korean Won |
01/01/2008~06/30/2008 |
As of 12/31/2007 |
As of 12/31/2006 |
|
Total Assets |
10,023,717,409,697 |
9,459,371,809,587 |
6,663,938,543,924 |
|
Current Assets |
8,153,078,835,034 |
7,598,518,665,633 |
4,734,320,861,169 |
|
-Quick Assets |
4,781,593,818,798 |
5,336,425,901,091 |
3,302,697,064,762 |
|
-Inventories |
3,371,485,016,236 |
2,262,092,764,542 |
1,431,623,796,407 |
|
Fixed Assets |
1,870,638,574,663 |
1,860,853,143,954 |
1,929,617,682,755 |
|
-Investment |
185,146,811,222 |
175,211,131,323 |
238,967,413,358 |
|
-Tangibles |
1,563,209,967,630 |
1,559,556,104,029 |
1,560,187,753,944 |
|
-Intangibles |
14,072,282,673 |
15,650,842,771 |
13,614,902,563 |
|
-Others |
108,209,513,138 |
110,435,065,831 |
116,847,612,890 |
|
Total Liabilities |
6,175,118,093,780 |
5,492,627,469,972 |
4,327,197,008,543 |
|
Current Liabilities |
6,116,618,463,246 |
5,426,035,280,653 |
3,396,953,728,121 |
|
Fixed Liabilities |
58,499,630,534 |
66,592,189,319 |
930,243,280,422 |
|
Capital Stock |
291,511,797,500 |
291,511,797,500 |
291,511,797,500 |
|
Capital Surplus |
1,799,248,470,952 |
1,799,248,470,952 |
861,798,766,051 |
|
Profit Surplus |
1,682,675,213,894 |
1,796,014,163,837 |
1,993,198,489,169 |
|
Capital Adjustment |
75,163,833,571 |
79,969,907,326 |
-809,767,517,339 |
|
Total Equity |
3,848,599,315,917 |
3,966,744,339,615 |
2,336,741,535,381 |
|
Liab. &
Shareholder’s Equity |
10,023,717,409,697 |
9,459,371,809,587 |
6,663,938,543,924 |
|
Current
Liabilities |
6,116,618,463,246 |
5,426,035,280,653 |
3,396,953,728,121 |
|
Trade Payables |
1,963,619,075,757 |
2,209,320,308,117 |
1,354,233,935,968 |
|
Short-Term Borrowings |
3,008,157,283,861 |
1,292,121,284,149 |
972,410,338,533 |
|
Account Payables |
526,054,338,503 |
817,854,883,282 |
744,828,190,119 |
|
Advance Receipts |
25,535,181,659 |
23,038,849,406 |
31,090,299,265 |
|
Withholdings |
2,932,072,289 |
7,538,951,584 |
3,963,968,797 |
|
Accrued Expenses |
30,982,011,820 |
19,234,058,244 |
16,939,703,630 |
|
Accrued Income Tax |
220,564,712,866 |
471,302,548,266 |
171,696,895,124 |
|
Accrued Dividends |
125,283,570 |
106,252,475 |
68,283,510 |
|
Current Portion of Long-Term Debts |
342,181,500,000 |
592,034,100,000 |
101,749,500,000 |
|
Derivatives |
8,563,703,843 |
- |
280,621,142 |
|
Current Portion of Deferred
Income Tax |
- |
9,568,141,926 |
- |
|
Fixed
Liabilities |
58,499,630,534 |
66,592,189,319 |
930,243,280,422 |
|
Debentures |
- |
- |
220,000,000,000 |
|
Long-Term Borrowings |
5,019,300,000 |
6,080,500,000 |
688,114,600,000 |
|
Long-Term Borrowings-Foreign Currency |
912,064,748 |
820,106,524 |
814,408,133 |
|
Provision for Severance & Retirement |
137,710,442,983 |
142,105,992,875 |
139,982,726,132 |
|
Leasehold Deposit Received |
17,654,513,546 |
17,132,545,000 |
15,959,900,000 |
|
Non-Current Portion of
Deferred Income Tax |
5,835,752,362 |
11,974,413,063 |
- |
Income
Statement
|
Unit : Korean Won |
01/01/2008~03/31/2008 |
As of 12/31/2007 |
As of 12/31/2006 |
|
Sales |
11,398,500,487,824 |
15,218,720,293,016 |
14,555,900,028,027 |
|
Cost of Sold Goods |
10,169,469,340,583 |
13,760,831,365,493 |
13,246,567,601,311 |
|
Gross Profit |
1,229,031,147,241 |
1,457,888,927,523 |
1,309,332,426,716 |
|
Selling & Admin. Expenses |
208,118,569,075 |
384,158,667,499 |
383,583,863,788 |
|
Operating Income |
1,020,912,578,166 |
1,073,730,260,024 |
925,748,562,928 |
|
Non-Operating Income |
367,545,646,760 |
397,583,464,586 |
468,644,271,942 |
|
Non-Operating expenses |
719,278,728,948 |
439,376,832,540 |
339,667,104,020 |
|
Ordinary Income |
669,179,495,978 |
1,031,936,892,070 |
1,054,725,730,850 |
|
Special Income |
- |
- |
- |
|
Income Before Taxes |
669,179,495,978 |
1,031,936,892,070 |
1,054,725,730,850 |
|
Income Taxes Expenses |
185,766,724,871 |
285,441,203,952 |
296,162,351,833 |
|
Net Income |
483,412,771,107 |
746,495,688,118 |
758,563,379,017 |
Cash
Flows
|
Unit : Korean Won |
01/01/2008~03/31/2008 |
As of 12/31/2007 |
As of 12/31/2006 |
|
Cash Flows from Operating |
(-)1,927,162,392,141 |
517,654,415,795 |
1,274,528,251,408 |
|
-Net Income |
483,412,771,107 |
746,495,688,118 |
758,563,379,017 |
|
-Exp. without Cash Outflow |
401,601,848,213 |
301,781,669,880 |
241,574,465,746 |
|
-Revenue without
Cash Inflows |
(-)64,744,612,499 |
(-)74,257,841,799 |
(-)50,663,243,756 |
|
-Changes in
Asset/ & Liability |
(-)2,747,432,398,962 |
(-)456,365,100,404 |
325,053,650,401 |
|
Cash Flows
from Investing |
1,165,109,457,520 |
(-)1,798,120,427,499 |
(-)951,553,719,537 |
|
-Cash Inflow
from Investing |
1,355,311,371,177 |
83,878,569,412 |
68,983,964,587 |
|
-Cash
Outflows for Investing |
(-)190,201,913,657 |
(-)1,881,998,996,911 |
(-)1,020,537,684,124 |
|
Cash Flows
from Financing |
715,374,432,441 |
1,088,128,612,463 |
(-)388,938,179,301 |
|
-Cash
Inflows from Financing |
1,563,020,922,396 |
2,443,521,976,054 |
2,862,960,379,500 |
|
-Cash
Outflows from Financing |
(-)847,646,489,955 |
(-)1,355,393,363,591 |
(-)3,251,898,558,801 |
|
Increase/Decrease
in Cash |
(-)46,678,502,180 |
(-)192,337,399,241 |
(-)65,963,647,430 |
|
Cash at the
Beginning of Year |
578,452,498,015 |
770,789,897,256 |
836,753,544,686 |
|
Cash at the End of Year |
531,773,995,835 |
578,452,498,015 |
770,789,897,256 |
Products, Technologies, Services
Description
|
Main
Products & Services |
Oil Refining Products -Gasoline -Premium Gasoline -Diesel -Kerosene -Bunker-C Lube Products -Lube Base Oil -Automotive Oils(Gasoline Engine Oil, Diesel
Engine Oil, Gear Oil, Transmission Oil) -Industrial Oils(Hydraulic Oil, Gear Oil,
Compressor Oil) Petrochemical -Benzene -Toluene -Xylene -Para-Xylene Brand Name: S-Gasoline, S-Diesel, Ultra-S,
SSU, Dragon |
||||||||||||||||
|
Annual
Production Capacity (Unit: Thousand
Barrel) |
|
Trade
Partners
|
Suppliers |
SAUDI ARAMCO |
|
Customers |
KOREAN AIR LINES CO., LTD(110111-0108484) |
|
Competitors |
SK HOLDINGS CO., LTD.(110111-0022816) GS-CALTEX CORPORATION(110111-0078819) HYUNDAI OIL REFINERY CO.,
LTD.(110111-00905580 SK INCHEON OIL CO.,LTD.(110111-0008197) SK ENERGY CO., LTD.( 110111-3710385) SHELL EXXON MOBIL TIOC BP (*) The Subject is ranked as the 3rd
player next to GS-Caltex Corporation(110111-0078819) in domestic market. |
Related Parties (Subsidiaries,
Joint-Venture & Affiliates)
|
Subsidiary |
S-OIL TOTAL
LUBRICANTS CO., LTD. (50.0% held by
the subject company) S-INTERNATIONAL CO., LTD. (100.0% held by
the subject company) |
|
Corporate Ownership |
|
|
Major Shareholders |
ARAMCO OVERSEAS CO.,B.V HANJIN ENERGY CO.,LTD.(180111-0584903) |
|
Cooperative Enterprise |
|
Sales by
Region (Activity &
Markets)
|
Sales/ Unit : KRW |
2007 |
2006 |
2005 |
|
Export |
9,144,231,981,502 |
8,675,474,362,630 |
|
|
Domestic |
6,074,488,311,514 |
5,880,425,665,397 |
|
|
Total |
15,218,720,293,016 |
14,555,900,028,027 |
|
The Subject deals with the companies in China & USA. And it imports
from Middle East Asian countries, Indonesia and Africa.
Court
Action
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (Million KRW) |
Status |
|
|
Seoul Central District Court |
Ministry of Defense, Korea |
The Subject Company & Others(5 Major
Oil Companies) |
Claim for Damages |
26,650 for the Subject Company |
At 1st Round, the Subject was
lost and 2nd Round Proceeding |
|
|
Supreme Court |
The Subject Company & Others(4 Major
Oil Companies) |
Fair Trade Commission |
Cancellation on imposed penalty |
7,882 for the Subject Company |
At 2nd Round, the subject won,
and 3rd Round Proceeding |
|
|
Supreme Court |
|
Kim Sun-Dong & Yu Ho-Ki & The
Subject Company |
Infringement of The Law of Stock Trade |
|
3rd Round Proceeding |
|
|
Ulsan Administrative Court |
The Subject Company |
Commissioner of Ulsan Tax Office |
Cancellation on imposed taxes |
4,907 |
The Subject won partially. |
News
Clipping
S-Oil, Total SA begin joint venture
JoongangIlbo & Joins.com:03/18/2008
S-Oil Corporation, Korea’s
third- biggest oil refiner, formed a lubricants venture with Total SA to boost
domestic production.
The companies each own 50 percent of the venture, which will have
capacity to produce more than 2,500 barrels a day, S-Oil said in an e-mailed
statement.
The two parties signed an agreement yesterday, S-Oil said.
S-Oil currently produces 1,100 barrels of lubricants daily, said Lee
Dong-hoon, a company spokesman.
Total’s output in Korea, through previous partner Isu Chemical Company,
reached 1,000 barrels a day last year, according to Bae Ji-Min, a spokeswoman
at Total’s local lubricants unit.
Total and S-Oil, 35 percent owned by Saudi Aramco, the world’s largest
state-owned oil company, agreed to integrate their lubricant plants.
The new facility at S-Oil’s Onsan refinery can produce in excess of
2,500 barrels a day by 2009, more than doubling current capacity, the South
Korean company said in the statement.
S-Oil’s lubricant division and Total’s lubricant unit in South Korea
will merge to form S-Oil Total Lubricants Company, which will start operations
in May. Bloomberg
- Copyrights ⓒ JoongangIlbo &
Joins.com, All rights reserved. –
S-Oil to spend W1.4t to boost production
Korea Herald :11/17/2007
S-Oil Corp., the nation`s third-largest oil refiner, said yesterday it
plans to invest 1.4 trillion won ($1.5 billion) to increase production in its
petrochemical facilities.
The company said its board of directors approved the investment plan to
build a second Aromatic Complex at its Onsan refinery in Ulsan by the first
half of 2011 to produce more raw materials for synthetic fiber and
petrochemical products.
When the facility investment is completed, the company will be able to
boost the annual production of para-xylene by 900,000 tons and BTX by 280,000
tons, it said. BTX refers to benzene, toluene and xylene.
Currently, S-Oil produces 700,000 tons of para-xylene and 300,000 tons
of BTX a year.
Also, the new facility will increase the company`s daily refining
capacity to 630,000 barrels from the current 580,000 barrels, bringing the
company 315 billion won in extra profits annually, it added.
"We`ve decided to make this significant investment to capitalize on
the robust economic growth in Asia," an official at S-Oil said.
"More specifically, we expect strong growth in the demand for
petrochemical products in China."
According to company officials, the global petrochemical industry is
expected to see a turnaround from 2011. In particular, the demand for
para-xylene in the Asian region, which has been rising along with the growth of
the Chinese polyester industry, will keep expanding, the company forecasts.
Last year S-Oil Corp. shipped refined oil worth about $9.5 billion
abroad, which accounts for over half of its output.
By Kim Yoon-mi
(yoonmi@heraldm.com)
Land woes cause refinery plan delay
JoongangIlbo & Joins.com:06/13/2007
S-Oil Corp., Korea’s third-largest oil refiner, said it will delay a 3.6
trillion won ($3.8 billion) plan to build a refinery because of obstacles in
acquiring the land.
The refinery will hold off on the plans until it can secure the land at
a reasonable price, the Seoul-based company said in a filing to the Korea
Exchange yesterday.
The company gave no estimate of how far it was pushing back the
project’s schedule.S-Oil will delay the plans because residents in Daesan,
South Chungcheong, demand higher compensation for their land, company spokesman
Lee Dong-hoon said May 10.
S-Oil said in April last year that it would build a plant to process
480,000 barrels a day of crude oil in Daesan by 2010.
S-Oil can currently process 580,000 barrels a day.
Bloomberg
- Copyrights ⓒ JoongangIlbo & Joins.com, All rights reserved.
–
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.37 |
|
UK Pound |
1 |
Rs.78.09 |
|
Euro |
1 |
Rs.63.41 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)