Saudi Aramco to Acquire Stake in South Korean Hyundai Oilbank

Source Press Release
Company Saudi AramcoHyundai Heavy Industries CoHyundai Oilbank Co. Ltd 
Tags Corporate Deals, Deals, Refining & Marketing Activities
Date April 15, 2019

The Saudi Arabian Oil Company (Saudi Aramco) and Hyundai Heavy Industries Holdings today announced that they have reached an agreement for  Saudi Aramco’s subsidiary,  Aramco Overseas Company B.V (AOC), to purchase a 17% stake in South Korea's Hyundai Oilbank, a subsidiary of Hyundai Heavy Industries Holdings. The investment is valued at approximately $ 1.25 billion. AOC’s’s investment in South Korea’s Hyundai Oilbank will support Saudi Aramco’s crude oil placement strategy by providing a dedicated outlet for Arabian crude oil to South Korea.

Abdulaziz Al-Judaimi, Saudi Aramco’s Senior Vice President of Downstream, said: “Saudi Aramco continues to strengthen its position in the downstream sector. This acquisition demonstrates our investment in the highly complex refining sector in Asia, and continuous commitment to the region’s energy security and development.”

Judaimi added : The investment supports Saudi Aramco’s broader downstream growth strategy, as well as providing long term crude oil options and offtakes as part of our trading business.

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd