Riyadh –   Saudi Aramco, Saudi Arabian national petroleum and natural gas company based in Dhahran, is expected to close the transaction of South Korea's Hyundai Oilbank, a subsidiary of Hyundai Heavy Industries Holdings, by the first half of 2020.

The deal is subject to customary closing conditions, according to Saudi Aramco’s prospectus issued earlier Sunday.

On 15 April, Aramco entered into a purchase agreement to acquire a 17% equity interest in Hyundai Oilbank from Hyundai Heavy Industries Holdings in consideration of SAR 4.7 billion, with an option to acquire an additional 2.9% equity interest.

Recently, Saudi Aramco entered into non-binding agreements regarding the expansion of its downstream business in Asia, including entering into a non-binding letter of intent with Reliance Industries Limited on 19 August to buy 20% stake in its oil to chemicals division.

Source: Mubasher

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