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Saudi Aramco is set to pay 1.98 trillion Korean Won ($1.95bn) to take its share of Korean refiner S-Oil from 34.99% to 63.4% in a deal first agreed to in January. S-Oil’s 670,000 b/d refinery at Onsan is one of the world’s largest.
Buying the 28.4% stake of Korean Air Lines subsidiary Hanjin “underscores Saudi Aramco’s… strategy to enhance its presence in the growing Asian markets and AOC’s commitment to S-Oil Growth,” says Aramco president and chief executive Khalid al-Falih, referring to the state-owned giant’s Aramco Overseas subsidiary.
Mr Falih says Aramco plans to increase the company’s participation in global refineries to 8-10mn b/d, twice the current level “primarily in the high demand growth markets in the Far East and at home in the Middle East” (MEES, 30 May).
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