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27

Aramco’s $1.6 Billion Hyundai Stake Deepens Refiner Ties in Asia

By Tony Seruga

Saudi state firm already majority owner of S. Korea’s S-Oil
Aramco to buy Oilbank stake from Hyundai Heavy Industries

An offshore drilling platform stands in shallow waters at the Manifa offshore oilfield, operated by Saudi Aramco, in Manifa, Saudi Arabia.

An offshore drilling platform stands in shallow waters at the Manifa offshore oilfield, operated by Saudi Aramco, in Manifa, Saudi Arabia. Photographer: Simon Dawson/Bloomberg

Saudi Arabian Oil Co. is buying up to 19.9 percent of South Korean oil refiner Hyundai Oilbank Co. for 1.8 trillion won ($1.6 billion), tightening the OPEC behemoth’s grip in the world’s biggest crude consuming region.

Aramco, as the company is known, and Hyundai Heavy Industries Holdings Co., which is selling the stake, are expected to hold board meetings early next month to approve the investment, a spokesman for the South Korean company said. Hyundai Heavy Industries, which rose as much as 6.6 percent after the announcement Monday, said it hopes to complete the sale this year and Aramco is expected to buy Hyundai Oilbank shares for 36,000 won each…

Aramco’s $1.6 Billion Hyundai Stake Deepens Refiner Ties in Asia

Categories : Private Equity

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