ENERGY

Saudi Crown Prince inaugurates a $4.2 bln S-Oil expansion in South Korea

Saudi Crown Prince Mohammed bin Salman inaugurates a $4.2 billion expansion of the S-Oil refinery in South Korea on Wednesday. (SPA)

Saudi Crown Prince Mohammed bin Salman inaugurated a $4.2 billion expansion of the S-Oil refinery in South Korea on Wednesday, Aramco’s President and CEO Amin Nasser told Al Arabiya.

In comments to Al Arabiya in South Korea during Crown Prince Mohammed bin Salman's official visit to the country, Nasser added that there is global concern over the passage of supplies through the Strait of Hormuz.

"We have the ability to export through the Arabian Gulf and the Red Sea," he added.

For his part, Eng. Amin al-Nasser, President and CEO of Saudi Aramco, delivered a speech in which he said that S-Oil plays a pivotal role in providing energy supplies necessary for economic growth in Korea.

“When our company pumped its first investments in S-Oil in 1991, the refining capacity of S-Oil stood at 90bpd only. Last year, it reached 669bpd and meanwhile, the revenues increased to 31 folds. So, it is not surprising that we cite S-Oil as an example of our successful investments and other partnerships in the sector of refining,” al-Nasser said.

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Last Update: Wednesday, 26 June 2019 KSA 22:00 - GMT 19:00
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