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Armco purchases 17% of Hyundai Bank



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Increases its efforts in marketing its crude oil by adding a reliable outlet

Saudi Aramco Heavy Industries announced today the acquisition of Armco Overseas Ltd. A 17% stake in the Hyundai Fund of South Korea, a subsidiary of Hyundai Heavy Industries.

The investment is estimated at $ 1.25 billion. Reinforces the investment of Aramco Overseas BV.In Hyundai South Korea's South Fuel, has been pushing Saudi Aramco's efforts to market its crude oil by adding a reliable outlet to the Arabian crude oil market to South Korea.

Commenting on the acquisition, Saudi Aramco CEO and CEO Amin Hassan Al-Nasser said he is establishing a strategic partnership with South Korea, one of the world's largest industrialized nations and one of the world's largest energy markets.

Al-Nasser noted that Saudi Aramco has for decades occupied its largest commercial partnership in South Korea. ARAMCO's partnership with the Hyundai refinery strengthens this strategic partnership and strengthens the chances of growth and will benefit both sides.

"Saudi Aramco continues to strengthen its global position in refining, processing and marketing, and this acquisition demonstrates our investment in the Asian refining industry and our continued commitment to energy security and development in the region," said Abd Al-Aziz Al-Kedmi, Vice President of Saudi Aramco's Zakuk, .

"This investment reinforces the growth strategy of Saudi Aramco's refining sector, and provides options for the marketing and supply of crude oil and the purchase of long-term products as part of our business."

Aramco Overseas BV The Company and its support and support, joint ventures and investments are an inseparable part of Saudi Aramco's crude oil, gas and chemical system.

South Korea's Hyundai Oil Bank was established in 1964 and its main facilities are located in Daesan Complex, which is integrated refineries with a production capacity of 650,000 barrels per day. The business portfolio of Hyundai Oil and its five subsidiaries includes refineries, basic oils, petrochemicals and a gas station network.

Armco purchases 17% of Hyundai Bank


Previously

Saudi Aramco Heavy Industries announced today the acquisition of Armco Overseas Ltd. A 17% stake in the Hyundai Fund of South Korea, a subsidiary of Hyundai Heavy Industries.

The investment is estimated at $ 1.25 billion. Reinforces the investment of Aramco Overseas BV.In Hyundai South Korea's South Fuel, has been pushing Saudi Aramco's efforts to market its crude oil by adding a reliable outlet to the Arabian crude oil market to South Korea.

Commenting on the acquisition, Saudi Aramco CEO and CEO Amin Hassan Al-Nasser said he is establishing a strategic partnership with South Korea, one of the world's largest industrialized nations and one of the world's largest energy markets.

Al-Nasser noted that Saudi Aramco has for decades occupied its largest commercial partnership in South Korea. ARAMCO's partnership with the Hyundai refinery strengthens this strategic partnership and strengthens the chances of growth and will benefit both sides.

"Saudi Aramco continues to strengthen its global position in refining, processing and marketing, and this acquisition demonstrates our investment in the Asian refining industry and our continued commitment to energy security and development in the region," said Abd Al-Aziz Al-Kedmi, Vice President of Saudi Aramco's Zakuk, .

"This investment reinforces the growth strategy of Saudi Aramco's refining sector, and provides options for the marketing and supply of crude oil and the purchase of long-term products as part of our business."

Aramco Overseas BV The Company and its support and support, joint ventures and investments are an inseparable part of Saudi Aramco's crude oil, gas and chemical system.

South Korea's Hyundai Oil Bank was established in 1964 and its main facilities are located in Daesan Complex, which is integrated refineries with a production capacity of 650,000 barrels per day. The business portfolio of Hyundai Oil and its five subsidiaries includes refineries, basic oils, petrochemicals and a gas station network.

April 15, 2019 – 10 years old

The time now is 09:59 PM


Increases its efforts in marketing its crude oil by adding a reliable outlet

Saudi Aramco Heavy Industries announced today the acquisition of Armco Overseas Ltd. A 17% stake in the Hyundai Fund of South Korea, a subsidiary of Hyundai Heavy Industries.

The investment is estimated at $ 1.25 billion. Reinforces the investment of Aramco Overseas BV.In Hyundai South Korea's South Fuel, has been pushing Saudi Aramco's efforts to market its crude oil by adding a reliable outlet to the Arabian crude oil market to South Korea.

Commenting on the acquisition, Saudi Aramco CEO and CEO Amin Hassan Al-Nasser said he is establishing a strategic partnership with South Korea, one of the world's largest industrialized nations and one of the world's largest energy markets.

Al-Nasser noted that Saudi Aramco has for decades occupied its largest commercial partnership in South Korea. ARAMCO's partnership with the Hyundai refinery strengthens this strategic partnership and strengthens the chances of growth and will benefit both sides.

"Saudi Aramco continues to strengthen its global position in refining, processing and marketing, and this acquisition demonstrates our investment in the Asian refining industry and our continued commitment to energy security and development in the region," said Abd Al-Aziz Al-Kedmi, Vice President of Saudi Aramco's Zakuk, .

"This investment reinforces the growth strategy of Saudi Aramco's refining sector, and provides options for the marketing and supply of crude oil and the purchase of long-term products as part of our business."

Aramco Overseas BV The Company and its support and support, joint ventures and investments are an inseparable part of Saudi Aramco's crude oil, gas and chemical system.

South Korea's Hyundai Oil Bank was established in 1964 and its main facilities are located in Daesan Complex, which is integrated refineries with a production capacity of 650,000 barrels per day. The business portfolio of Hyundai Oil and its five subsidiaries includes refineries, basic oils, petrochemicals and a gas station network.

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