Saudi Aramco buys $1.2bn stake in South Korean refiner Hyundai Oilbank

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The biggest shareholder in South Korean oil refiner Hyundai Oilbank said on Monday that state-owned Saudi Aramco has agreed to buy a 17 per cent stake in its oil processing operations for 1.4 trillion won ($1.24bn).Hyundai Heavy Industries Holdings said in a regulatory filing that it had signed a sales agreement with Saudi Aramco that included an option for Aramco to buy an additional 2.9 per cent stake in Hyundai Oilbank….An excerpt from Gulf Business