Aramco Doubles S-Oil Equity As Part Of Asian Push

Saudi Aramco has completed the purchase of equity in Korean refiner S-Oil from Hanjin Energy, a subsidiary of Korean Air Lines, taking its stake from 34.99% to 63.4%. The purchase, agreed six months ago, transferred 31.9mn shares in S-Oil to Aramco at a cost of 1.98 trillion Korean Won ($1.83bn).

S-Oil’s assets include one of the world’s largest refineries, the 670,000 b/d Onsan plant in Ulsan. Besides fitting in with Aramco’s investment in overseas refining capacity to secure markets for crude exports, S-Oil’s petrochemicals capacity – 1.7mn ton/year of paraxylene and 450,000 t/y of benzene produced from naphtha feedstock – matches Aramco’s increasing overlapping of refining and petrochemicals business (MEES, 4 July 2014).


DON'T HAVE AN ACCOUNT?


NEED TO UPGRADE YOUR CURRENT SUBSCRIPTION?

By upgrading your Print or Digital subscription you will gain access to the MEES Archives Database with past articles and data dating back from 1984.

UPGRADE