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Saudis Export One Million Barrels of Crude to Korea, Riyadh Says

Saudi Arabia is exporting more than one million barrels a day of crude oil to South Korea, Riyadh newspaper reported, citing S-Oil Corp. (010950)’s Chief Executive Officer Ahmed A. Subaey.

South Korea’s third-biggest oil refiner gets 640,000 to 650,000 barrels a day of that amount, Subaey told the daily.

Saudi Arabian Oil Co., or Saudi Aramco, is to supply 230 million barrels a year to S-Oil under a 20-year contract, according to a statement yesterday from the South Korean refiner. S-Oil, which is 35 percent owned by Aramco, has daily refining capacity of 669,000 barrels, the company said.

To contact the reporter on this story: Wael Mahdi in Khobar at wmahdi@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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