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South Korea: Aramco buys $1.2 billion stake in refiner Hyundai

By  |  April 15, 2019

State-owned Saudi Aramco has agreed to buy a 1.4 trillion won (US$1.2 billion) stake in South Korean oil refiner Hyundai Oilbank, reported the Wall Street Journal.

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    The sale’s proceeds will help the Hyundai Heavy Industries shipbuilding unit fund its US$2 billion acquisition of rival shipyard Daewoo Shipbuilding & Marine Engineering (DSME), people with knowledge of the deal said. The deal was announced in January.

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    The merger of Hyundai Heavy and DSME is set to be completed this year and will create a behemoth controlling 20% of the global market for new ships, and an even bigger share of the fast-growing market for liquefied natural gas carriers.

    Full Content: Wall Street Journal

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