By Sam Bridge
Saudi energy giant has completed the acquisition of 17% of Hyundai Oilbank from Hyundai Heavy Industries Holdings
Saudi Arabian Oil Company, better known as Saudi Aramco, has completed the acquisition of 17 percent of Hyundai Oilbank from Hyundai Heavy Industries Holdings, for about $1.2 billion.
The completion of the deal, through its subsidiary Aramco Overseas Company, follows receipt of all necessary regulatory consents and approvals.
According to a statement, the investment in South Korea’s Hyundai Oilbank supports Aramco’s downstream growth strategy of expanding its global footprint in key markets in profitable integrated refining, chemicals and marketing businesses.
Hyundai Oilbank is a private oil refining company established in 1964.
The Daesan Complex, where Hyundai Oilbank’s major facilities are located, is a fully integrated refining plant with a processing capacity of 650,000 barrels per day.
The business portfolio of Hyundai Oilbank and its five subsidiaries includes oil refining, base oil, petrochemicals and a network of gas stations.