Gulf Oil and Gas accountACCOUNT

S-Oil Inks Deal with Aramco to Secure Oil Supplies

Source: Reuters 2/9/2012, Location: Middle East

S-Oil said it signed a 20-year contract to buy crude from Saudi Arabia as South Korea seeks to secure supplies and reduce dependence on Iran under pressure from the United States to halt doing business with the Islamic Republic. President Lee Myung-bak is touring Gulf producers this week to tap alternative sources to feed Asia's fourth-largest economy's energy demand. The pressure to stop dealing with Iran increased after the United States imposed fresh sanctions targeting financial institutions and trade.

Saudi Aramco owns the largest stake in S-Oil, with 35 percent, and the South Korean refiner does not buy any oil from Iran. But the agreement is an assurance to the nation almost entirely reliant on imported energy of steady supplies for its third-largest refinery. The long-term supply contract is "highly unusual" in a market where one-year supply contracts are the norm, S-Oil said in a statement.

S-Oil's refining capacity is 669,000 barrels per day (bpd) and Saudi Aramco currently supplies almost all of the crude it processes into fuels.

The contract will cover all the crude S-Oil needs for 20 years, a spokesman at the refiner said. Saudi Aramco's total annual supply volume to S-OIL is approximately 230 million barrels, the statement said. The statement and the spokesman didn't specify what terms the crude will be sold under.

Production News in Saudi Arabia >>

Congo >>  2/13/2019 - Anglo African Oil & Gas has provided details of its plan to bring the TLP-103C well at its Tilapia licence in the Republic of the Congo into productio...
Egypt >>  2/11/2019 - BP announced first gas production from the second stage of its West Nile Delta development offshore Egypt. ...

Brazil >>  2/1/2019 - Royal Dutch Shell plc, through its subsidiary Shell Brasil Petroleo Ltda. ("Shell"), has announced with consortium partners the start of production at...
Russia >>  2/1/2019 - PAO NOVATEK (“NOVATEK” and/or the “Company”) announced that its Purovsky Plant has cumulatively processed 80 million tons since the facilities start-u...

Tunisia >>  2/1/2019 - Panoro Energy ASA has provided an update on its Tunisian oil & gas assets. Material progress is being reported on the TPS assets (recently acquired fr...
Egypt >>  1/28/2019 - SDX Energy Inc. (SDX), the North Africa focused oil and gas company, provides its 2019 operational outlook and advises of its intention to delist fro...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Saudi Arabia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 |

More News

Related Links

AE BH IL IQ JO KW LB OM QA SA SY YE
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.