May 2016, Vol. 243, No. 5

Web Exclusive

South Korean Company Pays $21 Million to Fake Aramco

After making a $21-million wire payment to a fraudulent company account claiming to be that of Saudi Aramco, South Korea’s largest petrochemical company, LG Chem, is now seeking a full investigation and state assistance to recover its loss. The $21-million payment was destined for Saudi Aramco, which is LG Chem’s supplier in Saudi Arabia of naphtha, the refined oil product used to make plastics and other petrochemical items. The payment was for supplies received in the second half of March. “We have requested an investigation by prosecutors,” said Song Choong-seop, a spokesman for LG Chem. According to the South Korean company, it had received an email seemingly sent by Saudi

Log in to view this article.

Not Yet A Subscriber? Here are Your Options.

1) Start a FREE TRIAL SUBSCRIPTION and gain access to all articles in the current issue of Pipeline & Gas Journal magazine.

2) SUBSCRIBE to Pipeline & Gas Journal magazine in print or digital format and gain ACCESS to the current issue as well as to 3 articles from the PGJ archives per month. $199 for an annual subscription*.

3) Start a FULL ACCESS PLAN SUBSCRIPTION and regain ACCESS to this article, the current issue, all past issues in the PGJ Archive, access to all special reports, special focus supplements and more. $1,395 for an annual subscription.  For information about group rates or multi-year terms, contact J'Nette Davis-Nichols at Jnette.Davis-Nichols@GulfEnergyInfo.com or +1 713.520.4426*.

 

 

*Access will be granted the next business day.

Related Articles

Comments

{{ error }}
{{ comment.comment.Name }} • {{ comment.timeAgo }}
{{ comment.comment.Text }}