Former S-Oil chairman Kim Sun-dong dies at 81

Former S-Oil chairman Kim Sun-dong, a renowned figure in the oil industry, has passed away at 81.

Kim Sun-dong [S-OIL]

Kim Sun-dong, former chairman of S-Oil, has died at the age of 81, the Korean oil refiner said Monday.

Called a "legend in oil refining," Kim was an eminent figure with more than 40 years in the field.

Kim was born in 1942 and studied chemical engineering at Seoul National University. He began his career at Daehan Oil Corporation, the predecessor of SK Energy, in 1963. In 1974, he was scouted by Kim Sung-gon, the late founder and chairman of Ssangyong Corporation, and appointed CEO and chairman of the new Ssangyong Oil Refining.

Kim spearheaded the oil refining arm to secure a $4 billion investment from Aramco in 1991. The two parties, at that time, also inked a 20-year crude oil purchase agreement, which served as the steppingstone in bolstering the company as the country's fourth-largest oil refiner.

Ssangyong Oil Refining changed its name to S-Oil in 2000 during Kim's term. Kim served as the chairman and CEO of S-Oil until 2007, the longest tenure for a management expert not part of the founding family.

After retiring, Kim established the Future International Foundation dedicated to supporting the education of underprivileged students as well as universities and medical centers. He served as the chairman of the foundation until recently.

Kim is survived by his wife and three children.

His funeral procession will take place at 8 a.m. Thursday.

BY SARAH CHEA [chea.sarah@joongang.co.kr]