Aramco Buys Stake in South Korean Hyundai Oilbank

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State-owned Saudi Aramco has agreed to buy a 1.4 trillion won (£947 million) stake in South Korean oil refiner Hyundai Oilbank. the refiner’s top shareholder said on Monday.

Hyundai Heavy Industries Holdings said in a regulatory filing that it had signed a stake purchase deal with Saudi Aramco for some of its shares in Hyundai Oilbank.

Hyundai said in late January that Aramco planned to invest up to $1.6 billion in Hyundai Oilbank. to expand its foothold in South Korea.