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FINANCIAL NEWS
Saudi Aramco to buy 28.4 percent stake in S. Korea’s S-Oil
03 Jul 2014
(MENAFN) Aramco Overseas Co (AOC), a unit of state-run oil giant Saudi Aramco, plans to buy 28.4 percent stake in South Korea refiner S-Oil Corp from Hanjin Group, according to Arabian Business.
The USD1.95 billion deal will increase AOC’s ownership of S-Oil up to 63.4 percent from 34.99 percent.
Korean Air Lines Co said that its Hanjin Energy Co unit wanted to sell its stake in S-Oil for USD1.96 billion to improve the financial position of the parent firm.
Khalid al-Falih, Aramco’s chief executive, said: “This transaction underscores Saudi Aramco’s confidence in the Korean economy and its strategy to enhance its presence in the growing Asian markets and AOC’s commitment to S-OIL growth.”
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