Aramco to Buy Additional Shares of Ssangyong Oil Refinery

Aramco, the Saudi Arabian state-owned oil company will buy an additional 14% of Ssangyong Oil Refining shares. Kim Sun Dong, the vice chairman of Ssangyong Oil Refining said, 'Aramco will invest an additional 170 million dollars to buy 14% of our shares.' Aramco intends to form a consortium with other multi-national companies but if that is not possible they will buy the shares on their own. Kim continued, 'The contract will be concluded by the end of December after the ongoing assets evaluation is finished.'
However, Ssangyong will maintain the management right because Aramco prefers Korean ownership and and management control. Kim added, 'Both sides had agreed to this contract when the Saudi Arabian prince visited Korea last October.' Armaco now owns 35% of Ssangyong Oil Refining shares, followed by Ssangyong Corporation (28%) and other small shareholders (37%).