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Saudi Aramco has become the second-largest shareholder in Hyundai Oilbank following its purchase of 17 percent of the company for $1.2 billion. The completion of this deal will increase Aramco’s oil refining capabilities by 650,000 b/d and is an important step in the company’s aim to double its refining capacity from 5 million b/d to 10 million over the long-term.

Saudi Aramco Completes Acquisition of 17% in South Korea Hyundai Oilbank

Saudi Aramco has become the second-largest shareholder in Hyundai Oilbank following its purchase of 17 percent of the company for $1.2 billion. The completion of this deal will increase Aramco’s oil refining capabilities by 650,000 b/d and is an important step in the company’s aim to double its refining capacity from 5 million b/d to 10 million over the long-term.

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