Saudi Aramco will invest USD 1.6 billion in Hyundai

The Saudi oil company is planning to buy one-fifth of a refinery and expand its presence in Asia.

Photo: SaudiAramco

Saudi Arabian state-owned Aramco wants to expand its position on the Asian oil market. The company is thus acquiring one-fifth of Hyundai Oilbank, the refinery division of Hyundai Heavy Industries, for up to USD 1.6 billion.

This is according to Hyundai Heavy in a press release Monday, according to Financial Times.

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