Breaking! Explosion at S.Korea 3rd Largest Refinery Held by Saudi Aramco

Explosion occurred at S-Oil Corp’s Onsan refinery in Ulsan, South Korea, late Thursday night, according to the local media Yonhap news. 

S-Oil is the third-largest refiner in South Korea and sixth in the world, according to the data in 2021 from Statista. The major shareholder of the firm is Saudi Aramco, Saudi Arabian public petroleum and natural gas company.

According to Refinitiv, Aramco Overseas Company B.V. holds the majority stake in S-Oil Corp at 63.4%.

Authorities said the explosion occurred while workers were testing the facility’s alkylation processing unit following a regular maintenance procedure. 

The report stated that there are eight injuries from the blast in which six of the injured are seriously wounded. 

The refinery is located about 380 km (240 miles) southeast of Seoul.


At the moment, global oil prices edge higher after early losses during the day. The international benchmark Brent crude rose 1.05% to $110.26 per barrel, while the U.S. benchmark West Texas Intermediate rose 0.18% to $109.79 per barrel.