Joint ventures

AOC is always looking for long-term strategic partners who have a track record in delivering downstream excellence as we seek to leverage significant business and technology know-how for joint venture projects.


AOC has two downstream joint ventures in Asia and a joint venture crude oil terminal and storage facility in The Netherlands.

Asia joint ventures

A key aspect of our strategy is to secure global markets for crude oil by establishing joint ventures with major International Oil Companies and other industry partners.

Our AOC Hong Kong office acts as a hub for coordination of these downstream joint ventures across China, Japan, Korea, Vietnam and India.

We are currently partnering in these joint venture projects which target:

  • Refining crude oil
  • Manufacturing petrochemicals
  • Marketing refined products and petrochemicals
  • Solar power projects

Two AOC joint venture projects are located in Asia

Showa Shell

Showa Shell Sekiyu K.K. was formed in Japan in 1985 through a merger between Showa Oil Co., Ltd. and Shell Sekiyu K.K., a subsidiary of Royal Dutch Shell. In 2004, Aramco Overseas Company B.V. acquired a 15 per cent interest in Showa Shell Sekiyu K.K. Showa Shell is one of the largest refiners in Japan, owning three oil refineries with a combined capacity of approximately 515,000 barrels per day (Yokkaichi Refinery, Keihin Refinery and Yamaguchi Refinery). Saudi Aramco supplies Arabian crude oil to all three facilities. Showa Shell Sekiyu K.K markets refined products through a Shell branded retail network of approximately 5,000 service stations. Petroleum products such as marine bunkers, lubricants, bitumen and LPG are also marketed. Showa Shell offers an extensive line up of energy options, including solar energy and hydrogen fuel. The company produces thin-film solar panels using copper, indium and selenium (CIS) technology.


S-Oil, formerly known as SsangYong Oil Refining Co., Ltd. is a South Korean oil refining and marketing company. AOC holds 35 per cent of the common stock, Hanjin Energy holds a 28.4 per cent share, and the remaining shares are traded on the Korean Stock Exchange.

S-Oil owns and operates a 580,000 barrels per day integrated refining lubricants and aromatic-type petrochemicals complex in Ulsan, on the southeast coast of the Korean peninsula. It markets petroleum products and petrochemicals in Korea through a nationwide distribution and marketing network that includes seven product distribution terminals and over 1,600 branded retail service stations.

S-Oil received the ‘World Class of the Year’ award in the Top Company of the Year Ceremony in September 2009 from the Korea CEO Association, and it was included in the Dow Jones Index.

S-Oil CEO Ahmed A. Subaey was named ‘The Most Respected CEO of the Year’ by the Korea CEO Association, and the company received an award in the social contribution category at the Global CSR (corporate social responsibility) awards sponsored by the Presidential Council for Future and Vision.

AOC’s joint venture project in Europe

TEAM Terminal, Rotterdam

In addition to our Asia joint ventures, AOC are shareholders with Esso and BP in TEAM Terminal, one of the largest oil storage and transhipment companies in Rotterdam’s Europoort area. TEAM Terminal handles 30 million cubic meters of oil annually; a quarter of the total handled in the area. As well as Saudi Arabia the oil is also shipped in from countries such as Venezuela and Russia and when it arrives is stored in 33 tanks before being distributed to the various national and international customers via pipelines.

We chose Solar Frontier a few years ago because we knew we stood at the frontier as the name of our international division of the photovoltaic industry in terms of research and development. Shigeaki Kameda, Solar Frontier