SAUDI'S BATTLE FOR ASIA
At the heart of Korea's Onsan Refinery lies a street called "A.I. Naimi Road," an homage to Saudi Arabia's oil minister. The reason: state-owned Saudi Arabian Oil Co. holds a 65 percent stake in the complex.
Taking a controlling interest last year in South Korea's third-largest refinery highlights the shifting dynamics of the oil business. With crude prices down by more than half in the past two years, the Saudis and other oil-rich countries are fighting to lock in customers. Asia, which now accounts for 70 percent of Saudi oil exports, is the primary battleground.
For Saudi Aramco, as the company is widely…
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