S-Oil names new CEO(New S-Oil CEO Ahmed A. Al-Subaey)

2008.3.20

S-Oil Corp. said yesterday Ahmed A. Al-Subaey has been appointed as the company`s new CEO by its board of directors.

The 48 year-old executive replaces Samir A. Tubayyeb, who has been heading the nation`s third largest refinery since October 2005.

Al-Subaey has been with Saudi Aramco, Saudi Arabia`s state-run oil firm and the largest shareholder of S-Oil, for 27 years.

He was in charge of Saudi Aramco`s Tokyo Office, Saudi Petroleum Ltd., and served as president of Saudi Petroleum International Inc. in the United States.

Al-Subaey majored in electric engineering at Northern Arizona University and earned his master`s degree from Arizona State University.

He also completed the Senior Executive Program at Stanford University.

The board of directors also elected Cho Yang-ho, chairman of Hanjin Group, as the new chairman of the board.

Hanjin Energy, an affiliate of Hanjin Group, bought a 28.4 percent stake in S-Oil one year ago to secure a stable oil supply and boost its shipping business.

Saudi Aramco holds a 35 percent stake in S-Oil.

--------------------------
S-Oil, a leading refiner in South Korea, named Ahmed A. Al-Subaey as its new chief executive officer, according to the company Wednesday. It also chose Hanjin Group Chairman Cho Yang-ho as its new chief of the board of directors.

S-Oil held a general meeting of stockholders and a meeting of board of directors successively in Yeouido, Seoul, to make the decision.

Al-Subaey, 48, from Saudi Arabia replaces his predecessor, Samir A. Tubayyeb, who is to return to the South Korean oil company’s largest shareholder, Saudi Aramco, in his home country.

He was the president of Saudi Petroleum, a Japanese unit of Saudi Aramco, the state-owned national oil company of Saudi Arabia. He also served as the president and CEO of Saudi Petroleum International, a U.S. subsidiary of Saudi Aramco.

A graduate of Northern Arizona University in the United States, the new CEO completed the Senior Executive Program at Stanford University. He previously worked for Saudi Aramco, Saudi Arabia’s state-run oil company, for 27 years, in various positions from engineering, production and project management to planning and marketing, according to S-Oil.

Saudi Aramco is retaining its 35-percent share in S-Oil, South Korea’s third-largest refiner. Hanjin Energy, the energy unit of Hanjin Group has a 28.4-percent stake.