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S-Oil to Supply Oil Products to Aramco's Trading Unit

FILE PHOTO: The Saudi Aramco logo is pictured at the company's oil facility in Abqaiq, Saudi Arabia, October 12, 2019. REUTERS/Maxim Shemetov/File Photo
FILE PHOTO: The Saudi Aramco logo is pictured at the company's oil facility in Abqaiq, Saudi Arabia, October 12, 2019. REUTERS/Maxim Shemetov/File Photo
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S-Oil to Supply Oil Products to Aramco's Trading Unit

FILE PHOTO: The Saudi Aramco logo is pictured at the company's oil facility in Abqaiq, Saudi Arabia, October 12, 2019. REUTERS/Maxim Shemetov/File Photo
FILE PHOTO: The Saudi Aramco logo is pictured at the company's oil facility in Abqaiq, Saudi Arabia, October 12, 2019. REUTERS/Maxim Shemetov/File Photo

South Korea’s third-biggest refiner, S-Oil, has signed a contract to supply a total of 3.1 trillion won ($2.66 billion) of refined oil products to Saudi Aramco’s trading arm, it said on Wednesday.

A regulatory filing showed the firm will supply up to 10 million barrels of diesel, up to 15 million barrels of naphtha, up to 11 million barrels of jet fuel and up to 8 million barrels of gasoline to Aramco Trading Singapore under the contract, valid between Jan. 1 and Dec. 31, 2020.

S-Oil’s top shareholder is Saudi Aramco.

Oil prices were mixed on Wednesday as worries about the coronavirus outbreak and swelling US crude inventories weighed on prices, counter-balanced by talk that OPEC could extend oil output cuts.

The Organization of the Petroleum Exporting Countries wants to extend production cuts, currently planned till the end of March, until at least June, and could deepen reductions should oil demand in China fall significantly due to the coronavirus, OPEC sources said.

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Lebanon's Finance Minister: There Will be a New Deal with IMF

A technician installs solar panels atop 15 prefabricated cabins offered by an NGO to residents whose homes were destroyed in Israeli strikes during the latest war in the southern Lebanese village of Ramia near the southern border on March 5, 2025. (Photo by Mahmoud ZAYYAT / AFP)
A technician installs solar panels atop 15 prefabricated cabins offered by an NGO to residents whose homes were destroyed in Israeli strikes during the latest war in the southern Lebanese village of Ramia near the southern border on March 5, 2025. (Photo by Mahmoud ZAYYAT / AFP)
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Lebanon's Finance Minister: There Will be a New Deal with IMF

A technician installs solar panels atop 15 prefabricated cabins offered by an NGO to residents whose homes were destroyed in Israeli strikes during the latest war in the southern Lebanese village of Ramia near the southern border on March 5, 2025. (Photo by Mahmoud ZAYYAT / AFP)
A technician installs solar panels atop 15 prefabricated cabins offered by an NGO to residents whose homes were destroyed in Israeli strikes during the latest war in the southern Lebanese village of Ramia near the southern border on March 5, 2025. (Photo by Mahmoud ZAYYAT / AFP)

Lebanese Finance Minister Yassine Jaber said on Wednesday there would be a new deal between his country and the International Monetary Fund, according to a statement released by the finance ministry after a meeting with a visiting IMF mission.
Jaber said the meeting with Ernesto Ramirez Rigo, the head of the IMF mission visiting Lebanon, was "good" and "saw transparency.”
Lebanon has been in deep economic crisis since 2019, when its financial system collapsed under the weight of state debts, prompting a sovereign default in 2020 and freezing ordinary depositors out of their savings in the banking system.
Beirut reached a draft funding deal with the IMF in 2022 - contingent on reforms that authorities failed to deliver.
"I expressed the Lebanese government's determination to carry out all necessary reforms. Not because someone asked us to but because the country needs such reforms," Jaber said.
According to Reuters, he did not disclose details of the deal but said the government was tasked with outlining a new plan with the Washington-based lender.
He said the government presented its priorities in the upcoming period to the IMF, including appointing a central bank governor.
The IMF would visit Lebanon again in early April if a new central bank governor is appointed, Jaber said.
He said further talks would be held with the IMF on Thursday in Lebanon.