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. (CONTINUED - 530 WORDS)