Saudi Aramco unit agrees to buy 28.4 pct stake in S-Oil for $1.95 bln

RIYADH, July 2 Wed Jul 2, 2014 2:25am EDT

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RIYADH, July 2 (Reuters) - Aramco Overseas Co (AOC), a unit of state-run oil giant Saudi Aramco, said on Wednesday it had agreed in principle to buy Hanjin Group's entire 28.4 percent stake in South Korea's S-Oil Corp for about $1.95 billion.

The purchase will increase AOC's ownership of S-Oil to 63.4 percent from 34.99 percent, AOC said in a statement. (Reporting by Angus McDowall; Writing by Rania El Gamal; Editing by Andrew Torchia)

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