ameinfo.com 2007/3/6 Blog
Saudi Aramco statement on AOC sale of strategic stake to Hanjin
Energy
The Board of Directors of S-Oil Corporation, an affiliate of
Aramco Overseas Company B.V. (AOC), a subsidiary of the Saudi
Arabian Oil Company (Saudi Aramco), today agreed to sell 31.9
million treasury shares 金庫株, previously owned by Ssangyong
Cement Co. Ltd.雙龍セメント, to Hanjin Energy Co. Ltd., a
subsidiary of the Hanjin Group韓進グループ
incorporated under
the laws of Korea (Hanjin Energy).
Company sources indicated that the total transaction value will
be approximately KRW 2.4 trillion (US$ 2.5 billion).
AOC
invested in S-Oil in 1991 and continues to support the
expansion and the growth of S-Oil. With this new partnership with
Hanjin Energy, the growth of S-Oil will continue.
Saudi Aramco, the parent company of AOC, has long supported
Korea's economic development by providing a reliable and stable
supply of crude oil. As a result, S-Oil has become a symbol of
economic cooperation between the Republic of Korea and the
Kingdom of Saudi Arabia.
Korean Air-Led Group to Buy $2.5 Billion S-Oil Stake
Korean Air Lines Co., the country's largest airline, will become a shareholder in oil refiner S-Oil Corp. as part of a 2.4 trillion-won ($2.5 billion) deal to secure a stable supply of jet fuel.
Hanjin Energy Co., formed last month by Hanjin Group, a conglomerate that controls Korean Air Lines, will buy 32 million shares of S-Oil for at 74,979 won each, the Seoul-based airline said in an e-mailed statement today. That's a 14 percent premium over the closing price of S-Oil, South Korea's third-largest oil refiner.
The agreement may allow S-Oil to build a second refinery and gives Korean Air part of a fuel supplier as the price of jet kerosene has soared 60 percent in the last two years.
Saudi Aramco
The purchase of the 28.4 percent stake would make Hanjin Group the refiner's second-largest shareholder after Saudi Aramco, Saudi Arabia's state-owned oil company, which owns 35 percent. The affiliates will participate in S-Oil's management, justifying the premium offered for the shares, Ryu said.
The final acquisition price may change depending on S-Oil's dividend payout, Korean Air said in the statement.
S-Oil plans to invest 3.6 trillion won to build a second refinery as demand rises in China.
Hanjin Energy, established on March 2, is 82.5 percent owned by Korean Air, 14.6 percent held by Hanjin Shipping and Korea Airport Service has 2.9 percent. All the companies are controlled by Hanjin Group.
Hanjin Group announced yesterday that it will buy a 28.4 percent stake in S-Oil Corp, the nation's third-largest oil refinery, for 2.4 trillion won ($2.55 billion).
They also believe that the stock sale would help S-Oil finance its 3.5 trillion won ($3.7 billion) investment in new refining facilities and pay back its 800 billion won debt.
The company is set to build a 480,000 barrel-per-day crude refinery by 2010 in Seosan, South Chungcheong Province.
The mammoth project would raise its total refining capacity by almost 70 percent to 1.06 million barrels per day, outstripping the 650,000 barrels of the nation's No. 2 GS Caltex Corp.
韓国の石油会社は仁川精油を含め、旧大韓石油公社の流れをくむ SK(SK Corporation). を筆頭にLG-Caltex Oil、S-Oil、現代オイルバンク(Hyundai Oilbank)の5社寡占体制である。
http://www.pecj.or.jp/japanese/division/division07/pdf/2003/2003034.pdf
2008/12/30 Platts
S Korea's S-Oil plans to start building new BTX complex Q1 2009
South Korea's S-Oil Corp.
expects to start construction of its second naphtha-based
aromatics complex at Onsan over the first quarter of 2009, an
industry source said Wednesday.
The new facility will have the capacity to produce 900,000 mt/year of
paraxylene and 280,000 mt/year of benzene. The production is to be exported
to China, Taiwan and Southeast Asia.
About 10% of the design and engineering work has been completed,
the source said. Construction was previously slated to begin by
the end of December. The estimated completion date of the project
is about the second quarter of 2011.