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.

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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