Hyundai Heavy sells 17% of Oilbank to Aramco

Home > Business > Industry

print dictionary print

Hyundai Heavy sells 17% of Oilbank to Aramco

Hyundai Heavy Industries, the holding company of Korea’s largest shipbuilding conglomerate, said Monday it has signed a $1.2 billion deal to sell a stake in its oil-refining unit to Saudi Aramco as it is set to take over a smaller local rival.

In a regulatory filing, Hyundai Heavy Industries Holdings said it has signed the contract to sell 41.66 million shares - a 17 percent stake - in Hyundai Oilbank to the world’s largest crude exporter to improve its financial structure.

Under the deal, the Saudi oil firm holds an option to acquire a further 2.9 percent stake in Hyundai Oilbank.

The two originally signed a deal in January


Yonhap

More in Industry

No dial tone for 2G services on LG U+ starting in June

Ironing out an air corridor took decades

Kia reinvents itself, promising 'movement that inspires'

Hanwha Energy teams up with France's Total in U.S.

Scatter Lab investigated, but not for odd messages

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now