South Korea’s S-Oil Corp agreed to sell $1.12b of oil products to Saudi Aramco Products Trading Company, an increase compared with 2015, reported Reuters. The contract provides for the supply of 12m to 24m barrels of diesel and 12m to 20m barrels of naphtha to Saudi Aramco’s trading arm. The shipment of products started in January and is contracted to continue until end December.
The original quantities in 2015 were 14m barrels of diesel and up to 14m barrels of light naphtha, according to Zawya. The contract lasted from February to December. Saudi Aramco is the top shareholder of S-Oil, South Korea’s third-largest refiner, that buys almost all its crude from Aramco.