Anwar Al-Hejazi

Anwar Al-Hejazi serves as CEO of S-Oil Corporation, South Korea's third-largest oil refiner controlled by Saudi Aramco (approximately 63% ownership). S-Oil operates a major refinery complex in Ulsan with approximately 669,000 barrels per day of crude distillation capacity, producing gasoline, diesel, jet fuel, lubricants, and petrochemical feedstocks. The most transformative initiative is the Shaheen project — an approximately $7 billion investment to build a world-scale steam cracker and downstream petrochemical units at the Ulsan site. The Shaheen project will convert heavy residual oil (a low-value refining byproduct) directly into high-value petrochemical products (ethylene, propylene, and their derivatives), fundamentally upgrading S-Oil's product mix and earnings profile. The name "Shaheen" (falcon in Arabic) reflects Saudi Aramco's strategic vision of crude-to-chemicals integration. Saudi Aramco's ownership provides S-Oil with a guaranteed crude oil supply (primarily Arab Light and Arab Extra Light grades) and strategic backing. The relationship aligns with Aramco's downstream integration strategy — placing its crude into captive refining-petrochemical complexes worldwide. Key stock drivers include refining margins (the crack spread between crude oil and refined products), Shaheen project construction progress and timeline, petrochemical market conditions, crude oil prices, Korean fuel demand, and Saudi Aramco's strategic direction for S-Oil.