Aramco Overseas Company B.V., a subsidiary of Saudi Aramco, has completed the $1.2 billion acquisition of 17 percent of the Hyundai Oilbank in South Korea.
The deal for the share in the private oil refining company, which was established in 1964, has been made with Hyundai Heavy Industries.
A statement from the company said: “The investment in South Korea’s Hyundai Oilbank supports Saudi Aramco’s 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.”
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.
Shares in Aramco fell on Tuesday, losing ground for the first time since the oil giant’s record initial public offering last week, and ahead of the stock’s inclusion into the MSCI Emerging Markets Index.
Shares were down 0.4 percent at 37.85 riyals at 1.47pm in Riyadh. It is still up 18 percent from the initial public offering price of 32 riyals.
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