Saudi Aramco acquires 17% of Hyundai Oilbank
Published by Tom Mostyn,
Editorial Assistant
Hydrocarbon Engineering,
Saudi Arabian Oil Company (Saudi Aramco) has completed, through its subsidiary Aramco Overseas Company B.V. (AOC), the acquisition of 17% of Hyundai Oilbank from Hyundai Heavy Industries Holdings, for approximately US$1.2 billion. The completion follows receipt of all necessary regulatory consents and approvals.
The investment in South Korea’s Hyundai Oilbank supports Saudi Aramco’s downstream growth strategy of expanding its global footprint in key markets in profitable integrated refining, chemicals and marketing businesses which enable Saudi Aramco to place crude oil and leverage its trading capabilities.
Hyundai Oilbank is a private oil refining company established in 1964. The Daesan Complex, where Hyundai Oilbank’s major facilities are located, is a fully integrated refining plant with a processing capacity of 650 000 bpd. The business portfolio of Hyundai Oilbank and its five subsidiaries includes oil refining, base oil, petrochemicals and a network of gas stations.
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/18122019/saudi-aramco-acquires-17-of-hyundai-oilbank/
You might also like
The Hydrocarbon Engineering Podcast - Travelling towards sustainability: exploring the economics of e-fuels
In this special episode, a panel of experts from Johnson Matthey, A.P. Moller - Maersk, Honeywell, HIF Global and the Methanol Institute provide a clear analysis of the factors influencing e-fuel pricing, the economic challenges, and strategies for cost reduction.
Tune in to the Hydrocarbon Engineering Podcast on your favourite podcast app today.