Tadawul-listed Saudi Aramco acquires 17% of Hyundai Oilbank
The acquisition of South Korean firm was carried out for approximately $1.2bn through Aramco Overseas Company
Saudi Arabia’s Tadawul-listed Saudi Arabian Oil Company (Saudi Aramco), the world’s largest oil producer has completed 17% acquisition of Hyundai Oilbank from Hyundai Heavy Industries Holdings for approximately $1.2bn (SAR4.5bn).
Aramco said in a statement that the acquisition was carried out through its subsidiary Aramco Overseas Company (AOC), which follows the receipt of all necessary regulatory consents and approvals.
South Korea’s Seosan-headquartered petroleum and refinery firm Hyundai Oilbank operates the Daesan Complex, which is a fully-integrated refining plant with a processing capacity of 650,000 barrels per day. The firm’s subsidiaries include oil refining, base oil, petrochemicals, and a network of gas stations.
The oil giant’s investment in South Korea’s Hyundai Oilbank supports its downstream growth strategy of expanding its global footprint in key markets in profitable integrated refining, chemicals, and marketing businesses, which enable Saudi Aramco to place crude oil and leverage its trading capabilities.