Saudi Aramco has completed the acquisition of 17% of Hyundai Oilbank from Hyundai Heavy Industries for $1.2 billion.
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. This enables Saudi Aramco to place crude oil and leverage its trading capabilities.
Established in 1964, Hyundai Oilbank is a private oil refining company. 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.