Saudi Aramco buys stake in South Korean refiner unit for $1.2-billion GlobeBusiness
The biggest shareholder in South Korean oil refiner Hyundai Oilbank said on Monday that state-owned Saudi Aramco has agreed to buy a 17-per-cent stake in its oil processing operations for 1.4 trillion won .
In late January, Hyundai Heavy said Aramco planned to invest up to $1.6-billion for as much as 19.9 per cent in the South Korean refiner to expand its foothold in the country.Aramco bought the stake in the unlisted refiner for 33,000 won per share, which is slightly lower than its initially planned price, reflecting market conditions, said an official at Hyundai Heavy who provided no further details.
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