S-Oil signs 20-year Saudi deal

Posted by | February 15, 2012 | Uncategorized

S-Oil said it signed a 20-year contract to buy crude from Saudi Arabia as South Korea seeks to secure supplies and reduce dependence on Iran under pressure from the US to halt doing business with the Islamic Republic. 

President Lee Myung-bak is touring Gulf producers to tap alternative sources to feed Asia’s fourth-largest economy’s energy demand. The pressure to stop dealing with Iran increased after the US imposed fresh sanctions. 

Saudi Aramco owns the largest stake in S-Oil, with 35 per cent, and the South Korean refiner does not buy any oil from Iran. The long-term supply contract is “highly unusual” in a market where one-year supply deals are the norm.

According to the Global Salary Guide produced by jobs site Oil and Gas Job Search and Hays Oil & Gas, salaries in the UK are 8% higher than the worldwide average.

The survey had over 14,000 respondents from 50 different countries, and shows that the average oil industry salary in the UK is nearly £56k, twice the national average salary.

It shows that imported labour in the UK is also enjoying high remuneration, with average salaries for non-UK nationals at nearly £52k, up 6.8% from last year.

Contractor daily rates in the North Sea, which includes the UK, Scandinavia and the Netherlands, average £540 for experienced engineers and managers, and £900 for director-level roles.

Over 30% of respondents expect salaries to go up by more than 10% in the next 12 months, and 75% of all employers expect to increase staffing levels in the next year.