SEOUL: State-owned Saudi Aramco plans to invest up to US$1.6bil for a nearly 20% stake in South Korean refiner Hyundai Oilbank, expanding its foothold in one of its biggest Asian buyers of crude oil.
Saudi Aramco is already the biggest shareholder in South Korea’s No. 3 refiner, S-Oil Corp, with a 63.41% stake, and the latest deal should help Aramco boost crude oil sales to Hyundai Oilbank, South Korea’s smallest refiner by capacity.
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