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  • 16-04-19

    Saudi Aramco subsidiary acquires 17 percent share in Hyundai Oilbank

    (MENAFN) Saudi Aramco sealed a deal with South Korea's Hyundai Heavy Industries Holdings for shares by 17 percent in Hyundai Oilbank to go to Aramco Overseas Company B.V (AOC).

    A statement revealed that the acquisition agreement is worth roughly USD1.25 billion, with Saudi Aramco ready to offer an outlet for Arabian crude oil to South Korea.

    "This acquisition demonstrates our investment in the highly complex refining sector in Asia, and continuous commitment to the region"s energy security and development," stated Aramco Senior Vice President of Downstream Abdulaziz Al-Judaimi.

    Al-Judaimi added "the investment supports Saudi Aramco's broader downstream growth strategy, as well as providing long term crude oil placement supply options and product offtakes as part of our trading business."

    MENAFN1604201900450000ID1098395395

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