Aramco Doubles S-Oil Equity As Part of Asian Push

Saudi Aramco has completed the purchase of equity in Korean refiner S-Oil from Hanjin Energy, a subsidiary of Korean Air Lines, taking its stake from 34.99% to 63.4%. The purchase, agreed six months ago, transferred 31.9mn shares in S-Oil to Aramco at a cost of 1.98 trillion Korean Won ($1.83bn).

S-Oil’s assets include one of the world’s largest refineries, the 670,000 b/d Onsan plant in Ulsan. Besides fitting in with...