S-Oil to Sell Refined Oil Goods to Aramco

S-Oil to Sell Refined Oil Goods to Aramco

South Korea’s S-Oil, the country’s third-largest refiner, has signed a $1b deal to sell a combined 38m barrels of diesel, naphtha and jet fuel this year to Saudi Aramco, Reuters reported.

Under the deal for the whole of 2017, S-Oil agreed to supply 10-28m barrels of diesel, 6-8m barrels of naphtha and 1-2m 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, according to Hydrocarbon Processing.

It is noted that S-Oil buys almost all of its crude from Saudi Aramco, which has a 63% stake in the Korean firm, thus making it S-Oil’s biggest shareholder. In 2016,  A year ago, S-Oil signed a deal to sell up to 24m barrels of diesel and up to 20m barrels of naphtha to the Saudi trading firm. Most recently, in November last year, S-Oil sold 11m million barrels of naphtha to Korea Petroleum Industries Company.


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