Hyundai Heavy Reveals Saudi Aramco Buys 17% Stake in Refiner Unit

Posted on 04/15/2019

Saudi Aramco, through Aramco Overseas Co B.V., signed a deal to acquire a 17% ownership stake in South Korean oil refiner Hyundai Oilbank. Hyundai Heavy Industries Holdings is the largest shareholder in Hyundai Oilbank. The sales price was 1.4 trillion KRW (US$ 1.24 billion) for the 17% stake.

The deal also includes for Saudi Aramco an option for the firm to acquire an additional 2.9% stake in Hyundai Oilbank.