Saudi Aramco completes $1.2 bln deal to buy stake in Hyundai Oilbank

The deal was first announced in April this year. (File photo: Reuters)

Saudi Aramco on Tuesday completed a deal to buy a 17 percent stake in Hyundai Oilbank from Hyundai Heavy Industries Holdings for about $1.2 billion.

The investment supports “Saudi Aramco’s downstream growth strategy of expanding its global footprint in key markets,” the company said in a statement.

The Daesan Complex, where Hyundai Oilbank’s major facilities are located, has a processing capacity of 650,000 barrels per day.

The deal was first announced in April this year.
 

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