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[size=36]Saudi Arabia sells first shipment of US light crude[/size]
Economy | 11:43 - 29/08/2019
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Saudi Aramco has sold its first ever 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 dealings related to US oil in order to enhance the volume of trade, which is a key element in the strategy of "Aramco" to expand its activities in the refining and petrochemical sectors to boost sales. The sources said that the commercial arm of "Aramco" buys US crude from the refinery "Motiva" in Texas for resale in Asia.
Aramco Trading has been sending 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 the UAE since last year, the sources said.
The company expanded its options list of US crude earlier this month and carried the first shipment of West Texas Light crude by 1 million barrels and is expected to arrive at a refinery owned by "Hyundai Oil Bank" in the city of Daisan in South Korea in October, the sources said. This is Hyundai's first shipment of West Texas Light crude.
The shipment follows an agreement reached this year by Saudi Aramco to buy a 17% stake in Hyundai Oil Bank, South Korea's smallest refiner by capacity.
The two companies have also signed two 20-year contracts under which Aramco and its commercial arm will supply 250,000 barrels per day (bpd) of crude from January 2020.
Recently, Aramco has hired a package of investments to boost its presence in Asia, in countries such as South Korea, India and China.
"Saudi Arabia's share in Asia is declining, so Aramco is taking stakes in assets where it can put oil," said expert Sushant Guptamen of Wood Mackenzie, a consultancy.
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