Government & Politics

South Korean President, Saudi Crown Prince inaugurate S-Oil refinery in Seoul

South Korean President Moon Jae-in and Saudi Crown Prince Mohammed bin Salman, deputy premier and minister of defense, inaugurated in Seoul on Wednesday the Korean S-Oil refinery.

Addressing the gathering on this occasion, Chairman of S-Oil Corp Kim Chul-su highlighted the outcome of the investment of Saudi Aramco in Korea over the years, citing the role of this great partnership in energy supplies required for economic growth in the Asian country.

He pointed out that cooperation relations between S-Oil Corp and Saudi Aramco are developing not only in the field of oil and refining, but also cover even research, education and cultural exchange.

Saudi Aramco President and CEO Amin Al-Nasser said that S-Oil is playing a pivotal role in providing energy supplies required for economic growth in Korea.

The importance of S-Oil products is evident in supporting Korea's giant industries and companies which use its world-class products in daily life, he added, stressing that in terms of technology, innovation and quality, the products of S-Oil are classified among the world's best.

"We, in Saudi Aramco, are proud of the development of relations with S-Oil," Al-Nasser said, adding: "When our company pumped its first investments in S-Oil in 1991, the refining capacity of S-Oil stood at 90bpd only. Last year, it reached 669bpd and meanwhile, the revenues increased to 31 folds. So, it is not surprising that we cite S-Oil as an example of our successful investments and other partnerships in the sector of refining."

Source: International Islamic News Agency