S-Oil, South Korea’s third-largest oil refiner, has revived its spring recruitment program for the first time in seven years, as it seeks to increase its workforce in lieu of a new refinery complex set to open in Ulsan.

The expanded recruitment comes as “S-Oil seeks new talents ahead of the opening of its Onsan refinery scheduled to open by 2018,” according to industry sources. The factory, for which S-Oil invested 5 trillion won ($4.45 billion), will convert heavy fuel oil ― lower in quality than crude oil ― into high-value gasoline and olefins.

Moreover, industry watchers noted that the recent agreement struck between the management and labor union earlier this year to implement a “wage peak” system ― a work sharing policy that extends the retirement age while cutting pay ― likely gave the company more room to hire new recruits.

The company is reportedly planning to hire around 40 new university graduates this spring ― which is similar to the recruitment quota for last year’s fall recruitment season. Roughly 2,700 employees currently work at S-Oil’s Seoul headquarters and Ulsan factories.

By Sohn Ji-young (jys@heraldcorp.com)