S-Oil chief awarded CEO of the Year Award by Korea Management Association

S-Oil CEO Anwar Al-Hejazi received the CEO of the Year Award from the Korea Management Association (KMA) on Friday in recognition of his innovative leadership in investment projects and brand marketing efforts.

S-Oil CEO Anwar Al-Hejazi, right, and Korea Management Association Chairman Lee Bong-seo pose for a photo during the 55th CEO of the Year Award ceremony at the Grand Hyatt Seoul hotel in Yongsan District, western Seoul, on May 23. [S-OIL]

S-Oil CEO Anwar Al-Hejazi received the CEO of the Year Award from the Korea Management Association (KMA) on Friday in recognition of his leadership in the refinery's investment projects and brand marketing efforts.

Al-Hejazi was among four CEOs who received the award at a ceremony at the Grand Hyatt Seoul hotel in Yongsan District, central Seoul, according to the KMA.

The Seoul-based corporate consulting institute hands out the CEO of the Year Award to business leaders who contributed to Korea’s economic development through an evaluation process involving experts from academia, industry and economic organizations. This year’s is the 55th edition.

The S-Oil CEO was awarded the title for his involvement in the 9.26 trillion won ($6.7 billion) Shaheen Project, which has significantly contributed to revitalizing regional economies such as through job creation, according to the firm.

The Shaheen Project is the country’s largest petrochemical project to date. It will see the creation of one of Korea’s largest oil refining facilities in Ulsan, with a target completion date of 2026. The Ulsan cluster will produce basic chemicals that will be supplied to Korean downstream businesses.

The project will hire up to 17,000 personnel a day, according to S-Oil.

Al-Hejazi was also acknowledged for his innovative brand marketing that solidified S-Oil’s market leadership position, and for his environmental, social and governance management in leading the firm toward its “Vision 2035” initiative to become a “competitive, creative and clean” energy and chemicals company. Through the Shaheen Project, S-Oil aims to reduce carbon emissions by 35 percent by 2035 and achieve net-zero emissions by 2050.

“It is an honor to stand alongside past recipients who have played a key role in Korea’s remarkable economic growth over the decades,” Al-Hejazi said through S-Oil’s press release. “This award is the result of the unwavering passion and dedication of S-Oil employees who continue to build the company’s success.”

BY KIM JU-YEON [kim.juyeon2@joongang.co.kr]