Hyundai Heavy sells oil business to Saudi Aramco

Hyundai Heavy Industries, which is on its way to acquiring the other South Korean yard Daewoo, sells its oil business to Saudi Aramco for more than USD 1 billion.

Photo: /ritzau/AP/Lee Jin-man

South Korean shipyard Hyundai Heavy Industries is selling its share of oil refinery Hyundai Oilbank to Saudi Arabian oil giant Saudi Aramco.

The sale of the 17 percent stake in Hyundai Oilbank is worth USD 1.2 billion, writes news agency Yonhap.

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