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Sources: Aramco sells a liquefied gas shipment to South Korea's S-Oil
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Economy News _ Baghdad
Four sources said on Wednesday that Aramco Petroleum Products Trading (Aramco Trading), the commercial arm of the Saudi oil giant, Saudi Aramco, has sold a shipment of liquefied gas to South Korea's S-Oil, as the company is looking to boost its LNG business.
The sources added that the shipment for delivery in early March was traded on a delivery basis at the port of arrival.
Two sources said that the shipment was sold at about 4.40 to 4.60 dollars per million British thermal units, although this has not been confirmed yet.
Companies usually do not comment on spot deals.
Aramco Overseas, the unit of Saudi Aramco, is a major shareholder in S-Oil and is the third largest refining company in South Korea.
Aramco Overseas, the unit of Saudi Aramco, is a major shareholder in S-Oil and is the third largest refining company in South Korea.
Saudi Aramco, the world's largest oil producer, is looking for projects around the world to gain a strong foothold in global gas activity, in its drive to become a major player in the gas field.
Aramco Trading sold its first LNG shipments in the spot market in late March of last year to an Indian buyer and has since gradually increased its commercial activity.
And signed a 20-year agreement to buy liquefied gas from an export terminal under construction after in Port Arthur, Texas, and the construction is to be undertaken by the American company Sempra Energy. Aramco Trading is in talks with Pakistan and Bangladesh on a possible supply of liquefied gas.
The company also appointed a director of liquefied gas trade earlier this year and employed an executive officer to develop the business.
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