The Bahrain branch of the Saudi National Commercial Bank recently announced that it had signed a long-term financing agreement valued at $135 million with the South Korean S-Oil Company, reports London based Al-Hayat daily.
Under the agreement, a number of petroleum purchases from the Saudi Aramco Company will be financed in cooperation with several Gulf and Arab banks and financial associations.
Presently, Aramco is responsible for 99 percent of the kingdom’s proven crude oil reserves of 259.2 billion barrels. –(MENA Report)
© 2001 Mena Report (www.menareport.com)
