Literature Commission inaugurates Saudi Pavilion at Muscat Book Fair    Saudi Minister of Culture holds talks with his Costa Rican counterpart in Jeddah    Saudi Arabia cracks down on fraudulent Hajj campaigns, urges pilgrims to use official channels    Nammos Amala Resort to open soon with Saudi-Greek designs    Saudi Arabia completes 674 Vision 2030 initiatives, achieves 93% of KPIs as ninth-year milestone marked    MHRSD: 80% of recruitment offices are non-compliant with regulations    GACA chief chairs 16th meeting of the Steering Committee on aviation's strategy    Alkhorayef praises advancements in Al-Kharj food industries sector    At least 50 Palestinians killed in Israeli strikes across Gaza    Teenage girl killed in French school stabbing attack    Trump claims meeting with China after Beijing denies any trade negotiations    Police fatally shoot man at Toronto's international airport    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Jennifer Lopez dazzles in Jeddah with a Formula 1 performance    Saudi Arabia open to expanded 64-team World Cup in 2034, says sports minister    Average life expectancy in Saudi Arabia rises to78.8 years    Super Max Verstappen scorches to pole with record lap in Jeddah    Film Commission launches 'Cinema' initiative to enhance content    Famed Philippine film star Nora Aunor dies at 71    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Aramco acquires 17% of S. Korea's Hyundai Oilbank
Published in The Saudi Gazette on 17 - 12 - 2019

Saudi Arabian Oil Company, Saudi Aramco, has completed, through its subsidiary Aramco Overseas Company, the acquisition of 17 percent of Hyundai Oilbank from Hyundai Heavy Industries Holdings, for approximately$1.2 billion. The completion follows receipt of all necessary regulatory consents and approvals.
According to a statement issued by the company, 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 which enable Saudi Aramco to place crude oil and leverage its trading capabilities.
Hyundai Oilbank is a private oil refining company established in 1964. The Daesan Complex, where Hyundai Oilbank's major facilities are located, is a fully integrated refining plant with a processing capacity of 650,000 barrels per day. The business portfolio of Hyundai Oilbank and its five subsidiaries includes oil refining, base oil, petrochemicals and a network of gas stations.
As the second-largest shareholder of Hyundai Oilbank, Aramco will strengthen cooperation in high-performance engineering plastics and propylene derivatives. Along with a shipbuilding joint venture in Saudi Arabia, the shipbuilding group plans to set up an engine joint venture with Aramco in March next year for completion in May 2022.
Shares drop
Saudi Aramco shares posted the first drop on Tuesday after five days of listing on the Saudi Stock Exchange Tadawul, but its valuation stayed above the sensitive $2 trillion mark.
The energy giant was listed on Tadawul on Dec. 11 following the world's largest initial public offering and continued to rise since then, before edging down slightly at close on Tuesday.
Aramco shares closed Tuesday trading at 37.75 riyals ($10), down 0.25 riyals or 0.66 percent on the day, but the stock remains 18 percent higher than the IPO price of SR32.
The market value of the world's largest listed firm still remained slightly above $2 trillion, a figure Crown Prince Muhammed Bin Salman had sought when he first floated the sale almost four years ago.
Saudi authorities sold 1.5 percent of Aramco in the IPO, raising $25.6 billion and surpassing China's Alibaba stock sale as the largest in the world.
Aramco shares rose the maximum allowed 10 percent on the debut trading day and elevated its valuation briefly above the $2 trillion mark the day after.
It consolidated its valuation above $2 trillion in the following days.
Aramco has guaranteed that it will distribute dividends of at least $75 billion every year until 2024. — Agencies


Clic here to read the story from its source.