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FINANCIAL NEWS
S-Oil, Saudi Aramco sign USD1.1b deal
09 Feb 2015
(MENAFN) South Korea’s refiner S-Oil Corp. reported signing a deal worth USD1.1 billion with Saudi Aramco’s to supply light oil and naphtha by the end of 2015, Yonhap News reported.
The refiner said it will provide 14 million barrels of light oil and 28 million barrels of light naphtha to Saudi Aramco Products Trading Company, which agreed to give 120,000 tons of paraxylene and 2 million barrels of heavy naphtha to S-Oil.
In January, the world’s largest Saudi-based crude exporter increased its stake in S-Oil to 63.4 percent in a USD1.81 billion stake deal, the company said in a released statement.
“S-Oil could further tap into the global market by taking advantage of Saudi Aramco’s sales channels. The deal is expected to create synergy in the global market for both of the companies,” the company added.
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