Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) has acquired 17% of Hyundai Oilbank from Hyundai Heavy Industries Holdings, through its subsidiary Aramco Overseas Company (AOC).
The acquisition was completed for approximately $1.2 Billion, after obtaining the needed regulatory approvals, according to a statement by Aramco on Tuesday.
Saudi Aramco believes the deal will enhance its downstream growth strategy of expanding its global footprint in key markets in profitable integrated refining, chemicals and marketing businesses, which enable the largest oil company in the world to place crude oil and leverage its trading capabilities.
It is worth noting that Hyundai Oilbank is a private oil refining company established in 1964.
