S-Oil Corp. announced on Monday that it will accelerate innovation-driven growth through the successful completion and operation of its Shaheen Project as the company celebrates its 50th anniversary.

Calling 2026 a milestone year for the company, Chief Executive Officer Anwar A. Al-Hejazi said Monday S-Oil aims to become a more competitive, innovative and trusted energy and petrochemical company.

Founded in 1976, S-Oil has invested more than 14 trillion won ($9.1 billion) over the past decade to upgrade its business portfolio as it responds to the global energy transition and the push toward carbon neutrality.

The company expanded its petrochemical business in 2011 by starting operations at the world‘s largest single-plant paraxylene production facility. In 2018, it commercially launched the residue upgrading complex (RUC) and olefin downstream complex (ODC), advancing its shift from refining to petrochemicals.

S-Oil is preparing to complete the 9.26 trillion won Shaheen project this year, the largest petrochemical project ever undertaken in Korea.

The company said it plans to expand the share of its petrochemical business through the Shaheen project while pursuing digital transformation, AI-driven workplace innovation, improved energy efficiency and carbon reduction initiatives.