Saudi Aramco to invest $1.6 billion in South Korean Hyundai Oilbank

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The state-owned oil company, Saudi Aramco, will buy about 20% of the shares of the oil refining company from South Korea, Hyundai Oilbank. The deal value will amount to $1.6 billion, Reuters reports. Saudi Aramco will buy up to 19.9% of the shares of Hyundai Oilbank, which is 91.13% owned by Hyundai Heavy Industries Holdings. The deal will increase the supply of oil by the South Korean company. Saudi Aramco also plans to invest in refining and petrochemicals during a decline in oil demand. Hyundai Oilbank produces about 650 thousand barrels per day in the South Korean port of Daesan.

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