Iran Energy News Oil, Gas, Petrochemical and Energy Field Specialized Channel
Related Articles
Saudi Aramco plans to buy up to 19.9% stake in Hyundai Oilbank from its parent company Hyundai Heavy Industries Holdings Co. for $1.6 billion. a move that could give the major Middle Eastern crude producer a strong foothold in one of Asia`s leading oil consumers.
Hyundai Heavy Industries said the company is currently in talks with Saudi Aramco over the sale of its stake in Hyundai Oil bank. and the deal will be finalized following the approval from its board of directors whose meeting will be held soon.
Aramco is planning to buy Hyundai Heavy`s 19.9% stake in the refiner for no more than 1.8 trillion won ($1.6 billion). Hyundai Heavy Industries said in a statement Monday.
In 2018. Saudi Arabia was the biggest crude supplier to South Korea. with Asia`s fourth biggest oil consumer importing 313.17 million barrels.
However. the major OPEC producer saw its market share slide last year amid South Korea`s growing appetite for light sweet crude oil from the US. Kazakhstan and Africa.
Latest data from state-run Korea National Oil Corp. showed that South Korea`s crude imports from Saudi Arabia fell 17.1% year on year to 24.48 million barrels in December 2018. For the full 2018. Saudi crude imports were also 1.9% lower than the 319.22 million barrels received in 2017.
`With the deal. Hyundai Heavy will boost its partnership with Aramco.` a company official said.
`Aramco`s plan to buy a stake in Hyundai Oilbank can be seen as Saudi Arabia`s move to secure its market share in South Korea. one of the major demand centers in Asia.` a senior refinery source based in Seoul said.
