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Reuters
Saudi Arabia sells first shipment of US light crude
Saudi Aramco sold its first shipment of West Texas Light to a South Korean refiner, Reuters reported, citing its sources.
This comes at a time when the company is expanding its relationship with US oil to increase the volume of trade, a key element of Aramco's strategy to expand its refinery and petrochemical business. to stimulate sales.
The sources said the commercial arm of "Aramco" was buying US crude at the Motiva refinery in Texas for resale in Asia.
Aramco Trading has shipped shipments of US oil, including West Texas Intermediate, Eagle Ford condensate and high sulfur March crude, to refiners in Japan, South Korea, Taiwan, Thailand and other countries. United Arab Emirates, said these sources.
The company expanded its US crude options list earlier this month and shipped the first cargo of West Texas Light crude oil of 1 million barrels. It is expected to arrive at a refinery owned by "Hyundai Oil Bank" in Daisan city in South Korea in October, sources said. This is Hyundai's first shipment of West Texas Light crude oil.
This cargo follows an agreement signed this year by Saudi Aramco to acquire a 17% stake in Hyundai Oil Bank, the smallest refiner in South Korea.
The two companies also signed two 20-year contracts under which Aramco and its commercial arm will supply 250,000 barrels of oil per day from January 2020.
Aramco recently invested a package of investments to strengthen its presence in Asia, in countries such as South Korea, India and China.
"As Saudi Arabia's share of Asia declines, so Aramco takes holdings in assets where it can place oil," said expert Sushant Guptamen of Wood Mackenzie, a consulting firm.
Source: agencies
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