S-Oil to Supply Oil Products to Aramco's Trading Unit

Business

January 30th, 6:01am

London - Asharq Al-Awsat

FILE PHOTO: The Saudi Aramco logo is pictured at the company's oil facility in Abqaiq, Saudi Arabia, October 12, 2019. REUTERS/Maxim Shemetov/File Photo

South Korea’s third-biggest refiner, S-Oil, has signed a contract to supply a total of 3.1 trillion won ($2.66 billion) of refined oil products to Saudi Aramco’s trading arm, it said on Wednesday. A regulatory filing showed the firm will supply up to 10 million barrels of diesel, up to 15 million barrels of naphtha, up to 11 million barrels of jet fuel and up to 8 million barrels of gasoline to Aramco Trading Singapore under the contract, valid between Jan. 1 and Dec. 31, 2020. S-Oil’s top shareholder is Saudi Aramco. Oil prices were mixed on Wednesday as worries about the coronavirus outbreak and swelling US crude inventories weighed on prices, counter-balanced by talk that OPEC could extend oil output cuts. The Organization of the Petroleum Exporting Countries wants to extend production cuts, currently planned till the end of March, until at least June, and could deepen reductions should oil demand in China fall significantly due to the coronavirus, OPEC sources said.

from Asharq AL-awsat https://aawsat.com/english/home/article/2106346/s-oil-supply-oil-products-aramcos-trading-unit