S.Korea's S-Oil to sell $1 bln diesel, naphtha, jet fuel to Saudi Aramco (updated)

Korea Petroleum Industries Co

05/01/2017 02:43

* Sells up to 38 mln bbls of diesel, naphtha and jet fuel 
    * S-Oil says supply deal valid for whole of 2017 
 
 (Adds details on supply deal, background) 
    SEOUL, Jan 5 (Reuters) - South Korea's S-Oil  010950.KS , 
the country's third-largest refiner, has signed a deal to sell a 
combined 1.2 trillion won ($1 billion) of diesel, naphtha and 
jet fuel this year to Saudi Aramco  IPO-ARMO.SE , its biggest 
shareholder. 
    In a filing to the Seoul stock exchange on Thursday, S-Oil 
said it would sell a total of 38 million barrels of refined 
products to Saudi Aramco Products Trading Company, Aramco's 
trading arm.  
    A year ago, S-Oil signed a deal to sell up to 24 million 
barrels of diesel and up to 20 million barrels of naphtha to the 
Saudi trading firm.  urn:newsml:reuters.com:*:nL3N15B2ON 
    Under the deal for the whole of 2017, S-Oil agreed to supply 
10-28 million barrels of diesel, 6-8 million barrels of naphtha 
and 1-2 million barrels of jet fuel. For the diesel product, 
S-Oil said it would supply ultra-light sulphur diesel and light 
sulphur diesel, while the naphtha would be light naphtha,  
    S-Oil buys almost all of its crude from Saudi Aramco, which 
has a 63 percent stake in the Korean firm. 
    Most recently, in November last year, S-Oil sold 11 million 
barrels of naphtha to Korea Petroleum Industries Co  004090.KS . 
 urn:newsml:reuters.com:*:nS6N1BB009 
 
($1 = 1,194.3000 won) 
 
 (Reporting by Jane Chung; Editing by Joseph Radford and Kenneth 
Maxwell) 
 ((jane.chung@thomsonreuters.com; +82 2 3704 5667; Reuters 
Messaging: jane.chung.thomsonreuters.com@reuters.net)) 
 
Keywords: SOUTHKOREA S OIL/