According to The Korea Times article published on April 16, 2023, S-Oil nominated Aramco Asia President Anwar A. Al-Hejazi as its new CEO.
The Saudi Arabian Aramco-owned oil refiner said in its regulatory filing on Friday that it will hold an extraordinary general meeting of shareholders on May 9 to appoint him as a new executive director.
Given that S-Oil has only one executive director position, his appointment means the replacement of the company's chief executive.
"As an energy industry expert who serves as an executive of Saudi Arabia's state-owned petroleum and energy company Aramco, he will contribute to our company's management and its global growth," S-Oil said in its regulatory filing. "The new executive director's term will end after the third regular general meeting of shareholders since his appointment."
Since 2018, Al-Hejazi has served as the president of Aramco Asia, which directs the Saudi Arabian company's Asia-Pacific operations, overseeing its global joint ventures.
He also served as the representative director of Aramco Asia Japan between 2014 and 2016. He worked at Saudi Aramco from 2010 to 2016.
Once he is appointed as S-Oil's CEO, the incumbent chief executive, Hussain A. Al-Qahtani, will resign. Al-Qahtani has been in the job for four years since he was appointed back in June 2019. It is yet to be ascertained where he will go after his resignation.
The incumbent S-Oil CEO has been recognized for contributing to the company's growth during his four-year term.
In particular, he led S-Oil's 9.26 trillion won ($7 billion) Shaheen project, which was aimed at building Korea's largest petrochemical plant in the southeastern port city of Ulsan by 2026.
S-Oil expects the creation of up to 17,000 jobs at some point during the construction of the project. It also anticipates 3 trillion won worth of economic value, once the petrochemical plant starts to operate.
