Saudi Aramco buying stake in Hyundai Oilbank

The investment by the world’s most profitable company is valued at $1.25 billion.

Saudi Aramco buying stake in Hyundai Oilbank

The investment by the world’s most profitable company is valued at $1.25 billion.

Saudi Aramco buying stake in Hyundai Oilbank

The investment by the world’s most profitable company is valued at $1.25 billion.

 

   The Saudi Arabian Oil Company (Saudi Aramco) announced Monday it reached an agreement for its subsidiary Aramco Overseas Company B.V. (AOC) to purchase a 17 percent stake in Hyundai Oilbank, a subsidiary of Hyundai Heavy Industries Holdings.
    The investment is valued at $1.25 billion, Saudi Aramco said in a statement. The agreement also included an option for Saudi Aramco to acquire an additional 2.9 percent stake, Reuters reported.
    The agreement supports Saudi Aramco’s crude oil placement strategy by providing a dedicated Arabian crude oil outlet to South Korea, the company said.
    “Saudi Aramco continues to strengthen its position in the downstream sector,” Abdulaziz Al-Judaimi, senior vice president, said in a statement. “This acquisition demonstrates our investment in the highly complex refining sector in Asia and continuous commitment to the region’s energy security and development.”

   Hyundai Oilbank is a private oil refining company founded in 1964. Its major facilities are located at the Daesen Complex, which is a fully integrated refining plant with a processing capacity of 650,000 barrels a day.
    Saudi Aramco announced a 2018 profit of $111.1 billion, which made it the most profitable company in the world, The New York Times reported.

As a leading U.S. crude oil export port and a major economic engine of Texas and the nation, the Port of Corpus Christi is now the 4th largest port in the United States in total tonnage.

Average container vessel size on the Asia to North Europe trade actually shrank between May 2018 and May 2019, falling from 14,253 TEUs to 13,808 TEUs, although total container vessel count on the trade rose from 219 to 229, according to BlueWater Reporting’s Capacity Report.

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Saudi Aramco buying stake in Hyundai Oilbank

The investment by the world’s most profitable company is valued at $1.25 billion.

Apr 15, 2019 on Dec 27, 2018AmericanShipper.com

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Saudi Aramco buying stake in Hyundai Oilbank

The investment by the world’s most profitable company is valued at $1.25 billion.

Apr 15, 2019 on Dec 27, 2018AmericanShipper.com