S-Oil wins $2.66 bln order from Aramco trading arm in Singapore

30, Jan. 2020

Image by IADE-Michoko from Pixabay
Image by IADE-Michoko from Pixabay

SEOUL, AJU - S-Oil, a petroleum and refinery company based in Seoul, has secured an order worth 3.14 trillion won ($2.66 billion) to supply oil products to Saudi Aramco's trading arm in Singapore.

S-Oil said in a regulatory filing that it signed a contract with Aramco Trading Singapore PTE LTD. on January 28 to provide diesel, naphtha, aviation oil, gasoline and MTBE (methyl tert-butyl ether), a blending component of gasoline, which is used as a fuel oxygenate. The contract is due on December 31.

Saudi Aramco, the world’s largest oil exporter, purchased a 35 percent stake in S-Oil in 1991 and increased its stake to 65 percent in 2014.