South Korean refiner S-Oil Corp has sold 1.2 trillion won ($1.09 billion) of oil products to a trading arm of its top shareholder, Saudi Aramco, as the Middle East oil giant boosts its trading clout in Asia.
Aramco Overseas Company (AOC), a unit of state-run oil giant Saudi Aramco, said on Wednesday it had agreed in principle to buy Hanjin Group's entire 28.4 per cent stake in South Korea's S-Oil Corp for about $1.95 billion.
S-Oil said on Thursday it signed a 20-year contract to buy crude from Saudi Arabia as South Korea seeks to secure supplies and reduce dependence on Iran.
President Lee Myung-bak is touring Gulf producers this week to tap alternative sourc
Wall Street bank Morgan Stanley has purchased 13 million barrels of jet fuel via supply deals from North Asian refiners for 2010 and more than doubled its fuel storage capacity in Asia, traders said on Tuesday.
Morgan was expected to move