(Dhahran) – Saudi Arabian Oil Company, Saudi Aramco, has completed, through its subsidiary Aramco Overseas Company, the acquisition of 17 percent 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.
According to a statement issued by the company, 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 barrels per day. The business portfolio of Hyundai Oilbank and its five subsidiaries includes oil refining, base oil, petrochemicals and a network of gas stations.