Aramco Shifts Majority Stake in S-Oil to Singapore Unit

Saudi Aramco has transferred its majority stake in South Korean oil refiner S-Oil to a Singapore-based subsidiary, as part of a global overhaul of its asset management system.

The move saw Aramco Downstream Asia acquire over-the-counter shares worth about 13 trillion won from Aramco Overseas Company and other affiliates, representing 63.41% of S-Oil's equity.

This internal transaction within the Aramco group did not involve an external sale, with S-Oil remaining under the control of the Saudi oil company.

S-Oil stated that the transfer was part of a global organizational restructuring to streamline management systems, and emphasized that there would be no change in Aramco's ultimate control relationship over the company.