S-Oil Corp., the nation’s third largest refinery, released an upbeat blueprint yesterday, aiming to more than double its operating income to 2 trillion won ($2.1 billion) by 2010.

On the 30th anniversary of its foundation, the Seoul-based company said it expects to see 20 trillion won in revenue on the ongoing facility expansions, up more than 60 percent from last year’s return.

“In 2010, when the No. 2 BCC Project is completed, we’ll have a refining capacity of over 1 million bpd, retain our No. 1 ranking in the upgrading facilities ratio, and become a star oil refiner that acts as a global market leader with the largest exports of petroleum products among Korean refiners,” CEO Dr. Samir A. Tubayyeb said.

“Furthermore, we’ll emerge as a world-class oil refiner with 20 trillion won in sales and 2 trillion won in income.”

The company is currently set to build a 480,000 barrel-per-day crude distillation unit by 2010 and secondary facilities in Seosan, South Chungcheong Province.

The 3.5 trillion won investment would raise its total capacity by almost 70 percent to 1.06 million barrels per day, outstripping the 650,000 barrels of the country’s No. 2 GS Caltex Corp.

Industry watchers also upheld rosy outlooks on the proactive investment, saying that it will give substantial growth momentum to the company amid the fast-growing demand for refined oil in Asia.

Due to the soaring energy demand to fuel the rapid growth in several emerging economies such as China and India, Korean refiners ship nearly half of the output overseas.

S-Oil also reaped in more than half of its total revenue from offshore markets last year.

“As a latecomer, we had met a lot of difficulties and obstacles since our foundation. But we overcame such difficulties and finally have become what we are today,” Dr. Tubayyeb said.

Aramco Overseas Company B.V, a subsidiary of world’s biggest oil exporter Saudi Arabian Oil Co., currently holds the largest 35 percent stake in S-Oil.