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FinancialNews
28-01-19
Saudi Aramco to acquire 19.9 percent of S. Korean refiner
(MENAFN) Saudi Aramco announced its decision to acquire as much as 19.9 percent of Hyundai Oilbank Co, an oil refiner in South Korea.
The purchase agreement was secured between the Saudi oil giant and Hyundai Heavy Industries Holdings Co at a value of USD2.2 billion.
According to Vanda Insights founder Vandana Hari, "Saudi Aramco growing its footprint in the Asian refining industry is now a well-established strategy."
Hari added that "it offers security of demand for Saudi crude and enables the company to participate in downstream margins, especially in a region with high demand growth for fuels."
MENAFN2801201900450000ID1098032495
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