Saudi Aramco will spend US$1.6 billion to acquire South Korea Hyundai Oil

Source: Sinochem New Network January 29, 2019

According to foreign media reports, Saudi Aramco will acquire no more than 19.9% ​​of Hyundai Oilbank's shareholding in Hyundai Oilbank for up to 1.8 trillion won (approximately US$1.6 billion). The world's largest oil production company is seeking to increase investment in downstream operations in Asia.

Hyundai Heavy Industries, the parent company of Hyundai Petroleum, disclosed the transaction in a document submitted to the Korean Stock Exchange on Monday.

Saudi Aramco is already the largest shareholder of S-Oil Corp, the third largest oil refining company in South Korea. The acquisition will be Aramco’s second acquisition of a South Korean refinery, which already owns 63.4% of S-Oil.