Riyadh – Mubasher: State-run Saudi Aramco, known formally as Saudi Arabian Oil Co., has inked long-term crude oil supply agreements with South Korean refiner, Hyundai Oilbank Company, Reuters reported.
Under the 20-year deal, the world's largest oil producer will supply Hyundai Oilbank with 150,000 barrels per day (bpd) of crude oil.
Moreover, the Saudi oil giant will supply South Korean refinery with 38% of its crude requirement.
Both companies also signed a deal to supply Hyundai Oilbank with 100,000 bpd of non-Saudi crude.
Both deals will run from January 2020 to December 2039, Reuters added.
In April, Aramco agreed to purchase a 17% stake in Hyundai Oilbank’s oil processing operations for about $1.24 billion.
