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FINANCIAL NEWS
Saudi exports 800k bpd of oil to S Korea
18 Dec 2012
(MENAFN) Saudi Minister of Petroleum and Mineral Resources, Ali Al-Naimi, stated that the Kingdom exports over 800,000 barrels per day (bpd) of oil to South Korea, reported Arab News.
Al-Naimi said that the figure makes the Asian country one of the main 4 countries in the world that buy Saudi oil.
The minister noted that the amount accounts for nearly 30 percent of South Korea’s total oil imports.
He said that Saudi Aramco owns a 35-percent stake in S. Oil Company, a joint venture between the company and South Korea, adding that the refinery, which uses Saudi oil, has a capacity of up to 670,000 bpd.
The refinery, located in South Korea, produces different sorts of petroleum products, in addition to aromatic petrochemical products.
Furthermore, it has distribution stations and sells refined products in South Korea, and exports products to several countries.
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