S-Oil Corporation uses technical expertise from Lloyd’s Register for risk-based inspection analysis

Tuesday, 20 June 2017


Lloyd’s Register (LR), the leading provider of engineering and technology-centric professional services, is awarded a new contract from S-Oil Corporation (S-Oil) covering the implementation of a fully integrated risk-based inspection (RBI) system. The contract which is for S-OIL’s largest investment project – a new USD $4.2 billion residue upgrading and Olefin downstream complex (RUC/ODC) plant in Ulsan, Korea – will commence this month.

“We are delighted that S-OIL has decided to adopt our Axxim software package to make its management of failure probability more systematic and efficient. In extending our RBI services to S-OIL’s strategic RUC/ODC project, we eagerly anticipate helping S-Oil successfully realise its goal to modernize and expand its integrated refining and petrochemical operations,” said Mr. Pyeong-Sik Shin, Asset Integrity and Development Solutions Manager at LR in Korea.

The new contract will see LR deliver additional RBI consultancy services across areas such as systems, software training, and inspection management modules. LR’s team of experts will also assist in the selection of thickness measurement locations for equipment and pipes.
“We have been working with LR’s in-house experts for some time. Apart from its high-quality RBI Software (Axxim) and RBI resources, the team’s expertise in corrosion specialties such as Propylene Oxide and Polypropylene Units will bring tremendous value to new processes at the integrated RUC/ODC complex,” said Mr. Dong-Hak Lee, S-OIL’s Inspection Department Manager.

“Coupled with its vast proven technical experience, we believe LR’s continued responsiveness will be pivotal in accelerating our momentum to successful project completion in 2018. This will in turn ensure S-OIL can improve its profitability and achieve long-term competitiveness by converting low-cost heavier hydrocarbons into high-value olefins and fuels.”

D.J. Schuld, Area Manager Operations for LR’s Asset Integrity Services, highlights: “This contract is further proof that LR is developing ‘best-in-class’ software and technology applications for tomorrow’s Industry 4.0. We are working in close collaboration with many customers all over the world creating better value for their businesses by applying innovative data and digital solutions that help deliver better business performance, increased efficiencies and improved risk management. It is an exciting time - we are connecting technology and people to provide deep knowledge on how to be at the forefront of managing plants and infrastructure safely and effectively.”

About Lloyd’s Register 
Lloyd’s Register (LR) is a global engineering, technical and business services organisation wholly owned by the Lloyd’s Register Foundation, a UK charity dedicated to research and education in science and engineering. Founded in 1760 as a marine classification society, LR now operates across many energy industry sectors, with around 9,000 employees in the Group across 78 countries.

LR has a long-standing reputation for integrity, impartiality and technical excellence. Our compliance, risk and technical consultancy services give clients confidence that their assets and businesses are safe, sustainable and dependable. Through our global technology centres and research network, LR is at the forefront of understanding the application of new science and technology to future-proof our clients’ businesses.

About S-Oil Corporation 
S-Oil Corporation, together with its subsidiary, S-International Ltd., manufactures and sells oil refining, lube, and petrochemical products in South Korea. It operates three crude distillation units with a capacity of 669,000 barrels a day; a bunker-C cracking centre that produces light oil products, such as gasoline, diesel, and kerosene; and light oil desulfurizing and gasoline manufacturing facilities. The company’s lube products comprise lube base oils and lubricants; and petrochemical products include benzene, toluene, xylene, and para-xylene. It also imports and exports crude oil and products. The company was founded in 1976 and is headquartered in Seoul, South Korea. S-Oil Corporation is a subsidiary of Aramco Overseas Company B.V. (Source: Bloomberg.com).

For media enquiries contact
Jason Knights
Head of External Communication and Media Relations
Oil & Gas, Nuclear and Renewable Energy
T +44 (0)20 7423 1741
M +44 (0)78 2728 2569
E jason.knights@lr.org

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Last Updated ( Tuesday, 20 June 2017 )