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Saudi Aramco to become majority shareholder in S-Oil

6:30 AM MST | January 17, 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. Earlier this month, Maeil Business reported that Aramco would 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 would raise its shareholding to 63.4%....

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