Saudi Aramco is planning to acquire a US $1.6 million, or 19.9%, stake in Hyundai Oilbank, says parent firm Hyundai Heavy Industries (HHI) in a regulatory filing at the Korea Exchange on Monday (28 January).
HHI was originally planning to list Hyundai Oilbank at the Korea Exchange; however, listing plans for the entity will be delayed due to the above development.
“Hyundai Heavy Industries Co., Ltd. is in discussions with Saudi Aramco on the disposal of shares of Hyundai Oilbank Co., Ltd., and disclosed the related information on January 28, 2019,” it notes.
“Accordingly, the listing of Hyundai Oilbank will be reviewed after the completion of the disposition of Hyundai Oilbank shares of Hyundai Heavy Industries Co., Ltd., and will be subject to re-disclosure in the event that any details are determined or changed in the future.”
Hyundai Oilbank in 2016 exported 53.8 million barrels of petroleum to countries including China, Singapore, Taiwan, Japan, Australia, New Zealand, Vietnam, Philippines and more.
It operates 2,400 nationwide gas stations and charging stations, and has a total daily oil refining capacity of 650,000 barrels.
Besides marine fuel oil, the company also produces a range of other products including premium gasoline, gasoline, ultra-low sulphur diesel, kerosene, liquefied petroleum gas, jet oil, and naphtha.
Photo credit: Saudi Aramco
Published: 28 January, 2019
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