S-Oil, led by CEO Hussain A. Al-Qahtani, made a public notice on March 2 that it has signed a contract to supply 826 billion won (some $686 million) worth of lube base oil with Japanese chemical company Idemitsu Kosan.
Lube base oil is a basic raw material that accounts for more than 80% of lubricant finished products.
This is equivalent to 4.9% of recent sales. The contract period is until December 31, 2026.
S-Oil added, "The contract amount may change depending on changes in actual sales prices, sales volume, and exchange rates in the future."
Meanwhile, S-Oil recorded an operating profit of 2.3 trillion won last year, the highest performance since its foundation. Sales amounted to 27.4 trillion won.
저작권자 © Korea IT Times 무단전재 및 재배포 금지
