facebook
twitter
search
search

Saudi Aramco sells unit to Hanjin

March 6, 2007 at 12:59 PM
Sign up for our Energy Newsletter

DHAHRAN, Saudi Arabia, March 6 (UPI) -- Saudi Aramco sold a strategic stake in one of its units Tuesday to South Korea's Hanjin Energy.

S-Oil is an affiliate of Aramco Overseas Co., which itself is a subsidiary of oil giant Saudi Aramco, and it sold 31.9 million Treasury shares to the South Korean company.

The Saudi group said that by partnering with one of the world's biggest shipping conglomerates, "all parties are expected to derive important synergies."

Specifically, Saudi Aramco's executive director of joint venture development Adil Al-Tubayyeb said that "S-Oil will enhance its marketing capabilities by securing long-term supply arrangements of fuel products to members of the Hanjin Group, including both Korean Air Lines and Hanjin Shipping. In turn, S-Oil may also develop shipping arrangements of crude oil and petroleum products through Hanjin Shipping."

Related UPI Stories
Latest Headlines
Trending Stories
Chelsea Clinton accidentally calls Bernie 'President Sanders'
Watch every star-studded Super Bowl commercial of 2016
Susan Sarandon responds to Piers Morgan criticizing cleavage
Two Virginia Tech students plotted 13-year-old's death, prosecutors said
Colin Powell, Condoleezza Rice got classified email on private accounts