Saudi Aramco buys $1 bln oil products from South Korea’s S-Oil

South Korea-based S-Oil Corp said on Wednesday that it will sell 1.34 trillion Korean ($1.12 billion) worth of oil products to Saudi Aramco’s trading arm.

Under the deal, S. Korea’s third-largest refiner will deliver 12 million-24 million barrels of low-sulphur diesel and 12 million-20 million barrels of light naphtha to Saudi Aramco Products Trading Co.

The shipments started from January 1 and will continue until the end of this year, Reuters reported, citing S-Oil’s statement to Korea’s Stock Exchange.

In February 2015, S-Oil has concluded a 1.2 trillion Korean ($1.1 billionn) deal to supply naphtha and diesel to Saudi Aramco’s trading unit from February to December 2015.

The Saudi oil giant is a top shareholder of S-Oil, which obtains almost all its crude from Aramco.