Saudi Aramco to hold board meeting in Seoul this week

Saudi Aramco to hold board meeting in Seoul this week

Saudi Arabian Oil Company, the world’s largest crude oil exporter, will hold its board meeting in Seoul later this week, its local unit said Tuesday, with top Saudi Arabian government officials and business leaders to attend the annual gathering.

It is the second time that the state-run oil giant, also known as Saudi Aramco, will hold its annual board meeting in South Korea, the world’s fifth-largest crude importer, following the first in 2011.

Saudi Arabian Oil Minister Ali al-Naimi, Saudi Aramco CEO Khalid Al-Falih, and nine other high-ranking company officials, arrived in the nation earlier in the day, and will attend the board meeting slated for Thursday, according to S-Oil Corp.

Aramco is the largest shareholder of S-Oil, South Korea’s No. 3 oil refiner, with a 63.4 percent stake. In January, Aramco bought 2 trillion won (US$1.8 billion) worth of S-Oil stock from Hanjin Group, which sold off the shares as part of its moves to bolster its financial footing.

Source: Yonhap

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