07/30/2014

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KOREA (SOUTH): S-Oil anticipates new olefin complex with increased holding by Aramco

Earlier this month (July 2014), Aramco Overseas Co., a subsidiary of Saudi Aramco, reached an agreement in principle to acquire Hanjin Group's 28.4 % stake in S-Oil, becoming the largest shareholder with a 63.4 % interest.

"Aramco plans to invest more than USD 100-billion in the global downstream market over the next decade to further strengthen the presence in the Asian market,” according to S-Oil Chief Financial Officer Cho Young-il, who gave no specific details on the proposed complex.

Approval of the plan is expected by early next year. If approved S-Oil anticipates completing the project by 2017.

Source: Weekly "PetroChemical News", Durham, NC, USA; 28 July 2014
(Syed Rashid Ali, Karachi, Pakistan)

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