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Saudi Aramco sells unit to Hanjin

March 6, 2007 at 12:59 PM

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."

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