MOSCOW (MRC) -- S-Oil Corp, South Korea’s third-biggest refiner, said that it has signed a contract to sell a total of 2.61 trillion won (USD2.32 billion) worth of refined oil products to Saudi Aramco’s trading arm, reported Reuters.
S-Oil, whose top shareholder is Saudi Aramco, said in a regulatory filing that it will supply up to 17 million barrels of diesel, up to 13 million barrels of naphtha and up to 12 million barrels of jet fuel to Aramco Trading Singapore under the contract, valid between Jan. 1 and Dec. 31, 2019.
As MRC informed earlier, in late Juanuary 2019, S-Oil Corp, whose main shareholder is Saudi Aramco, said that refining margins are expected to improve in 2019, boosted by growing diesel demand.
Saudi Aramco, officially the Saudi Arabian Oil Company, is a Saudi Arabian national oil and natural gas company based in Dhahran, Saudi Arabia. Saudi Aramco"s value has been estimated at up to USD10 trillion in the Financial Times, making it the world"s most valuable company. Saudi Aramco has both the largest proven crude oil reserves, at more than 260 billion barrels, and largest daily oil production.
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