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News // petrochemistry

Saudi Aramco is looking to take a $1.6 billion stake in a South Korean oil refiner

29 January 2019 , 10:10Neftegaz.RU386

Riyadh, January 29 - Neftegaz.RU. Saudi Aramco plans to buy up to 19.9 % of South Korean refiner Hyundai Oilbank for $1.61 billion from Hyundai Heavy Industries Holdings.

 

Hyundai Heavy Industries Holdings currently owns a 91.1 % stake in Hyundai Oilbank. «Major agreements, such as shareholder rights and management of the company, will be discussed in the contract between the 2  companies,» Hyundai Heavy Industries, the parent company of Hyundai Oilbank said in a statement to the Korean stock exchange, where its shares are traded.

Saudi Aramco’s investment in South Korea’s Hyundai Oilbank is the latest in its spree of expenditures on downstream expansion in Asia. Saudi Aramco’s chief executive told Reuters in November that it planned to expand its market share in Asia - including China, India, Malaysia and Indonesia - and Africa.

 

Last year South Korea imported 323.17 million barrels of crud or 885,000 barrels per day from Saudi Arabia. Hyundai Oilbank has a total capacity of 650,000 barrels per day.

 

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