News Post
S. Korea's S-Oil to sell $1B diesel, naphtha, jet fuel to Saudi Aramco
SEOUL, Jan 5 (Reuters) - South Korea's S-Oil, the country's third-largest refiner, has signed a deal to sell a combined $1 billion of diesel, naphtha and jet fuel this year to Saudi Aramco, its biggest shareholder.
In a filing to the Seoul stock exchange on Thursday, S-Oil said it would sell a total of 38 million barrels of refined products to Saudi Aramco Products Trading Company, Aramco's trading arm.
A year ago, S-Oil signed a deal to sell up to 24 million barrels of diesel and up to 20 million barrels of naphtha to the Saudi trading firm.
Under the deal for the whole of 2017, S-Oil agreed to supply 10-28 million barrels of diesel, 6-8 million barrels of naphtha and 1-2 million barrels of jet fuel. For the diesel product, S-Oil said it would supply ultra-light sulfur diesel and light sulfur diesel, while the naphtha would be light naphtha,
S-Oil buys almost all of its crude from Saudi Aramco, which has a 63 percent stake in the Korean firm.
Most recently, in November last year, S-Oil sold 11 million barrels of naphtha to Korea Petroleum Industries Co.
Reporting by Jane Chung; Editing by Joseph Radford and Kenneth Maxwell
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