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Markets :: Basic Chemicals :: Petrochemicals :: Para-xylene

Saudi Aramco to become majority shareholder in S-Oil

4:38 AM MST | January 14, 2014 | Natasha Alperowicz

Saudi Aramco will spend $2 billion to acquire Hanjin Energy’s stake in S-Oil (Seoul), Korea’s third largest oil refiner and a major producer of para-xylene (p-xylene), according to Saudi Gazette. Last week, Maeil Business reported that Aramco will buy Hanjin’s entire stake, citing S-Oil CEO Nasser Al Mahasher. Aramco already owns 35% in S-Oil and the acquisition of Hanjin’s stake will raise its shareholding to 63.4%. Korean Air Lines, which owns Hanjin, said last month that it planned to sell 30 million shares in S-Oil as part of a plan to...

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