Saudi Aramco completed the acquisition of a 17% stake in Hyundai Oilbank for $1.2bn.

Saudi Aramco, a Saudi Arabian national petroleum and natural gas company, completed the acquisition of a 17% stake in Hyundai Oilbank, a private oil refining company, from Hyundai Heavy Industries Holdings, the world's largest shipbuilding company, for $1.2bn. The investment in South Korea’s Hyundai Oilbank supports Saudi Aramco’s Downstream growth strategy of expanding its global footprint in key markets in profitable integrated refining, chemicals and marketing businesses that enable Saudi Aramco to place crude oil and leverage its trading capabilities.