Aramco says Hyundai Oilbank's acquisition likely to be complete in H1 2020

The Saudi Arabian Oil Co. (Saudi Aramco) is expected to complete the acquisition of a 17 percent stake of South Korea's Hyundai Oilbank, a subsidiary of Hyundai Heavy Industries Holdings by H1 2020, the company said in its offering prospectus.

The acquisition deal allows the purchase option of an additional equity of 2.9 percent.

The deal comes within Aramco's expansionary plans as Hyundai Oilbank owns a fully integrated refining plant with a processing capacity of 650,000 barrels per day.

According to data compiled by Argaam, Saudi Aramco’s subsidiary, Aramco Overseas Company, purchased a 17 percent stake in South Korea's Hyundai Oilbank in April 2019 at approximately $1.25 billion.