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2019-04-17 10:45:00

ARAMCO, HYUNDAI INVESTMENT $1.25 BLN

ARAMCO, HYUNDAI INVESTMENT $1.25 BLN

ENA -  The Saudi Arabian Oil Company, Saudi Aramco, and Hyundai Heavy Industries Holdings today announced that they have reached an agreement for Saudi Aramco's subsidiary, Aramco Overseas Company B.V (AOC), to purchase a 17 percent stake in South Korea's Hyundai Oilbank, a subsidiary of Hyundai Heavy Industries Holdings.

The investment is valued at approximately US$1.25 billion. AOC's investment in South Korea's Hyundai Oilbank will support Saudi Aramco's crude oil placement strategy by providing a dedicated outlet for Arabian crude oil to South Korea.

Abdulaziz Al Judaimi, Saudi Aramco's Senior Vice President of Downstream, said, "Saudi Aramco continues to strengthen its position in the downstream sector. This acquisition demonstrates our investment in the highly complex refining sector in Asia, and continuous commitment to the region's energy security and development."

Al Judaimi added, "The investment supports Saudi Aramco's broader downstream growth strategy, as well as providing long term crude oil options and offtakes as part of our trading business."

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.

AOC is a subsidiary of Saudi Aramco. It provides support services to Saudi Aramco and, through its investments and joint ventures, forms an integral part of the global Saudi Aramco oil, gas, and chemicals enterprise.

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Earlier:

 

IRAN'S OIL RECOVERY
2019, April, 10, 11:05:00

IRAN'S OIL RECOVERY

PLATTS - Iranian oil exports, which have been laboring under US sanctions since late last year, have recovered close to prior levels, supported by unflinching demand from China and South Korea, data from shipping sources and provisional tanker tracking data showed Tuesday.

 
 S.KOREA'S LNG WILL UP
2019, March, 20, 10:35:00

S.KOREA'S LNG WILL UP

The South Korean government Tuesday gave its final approval to lower taxes on LNG used for power production by 75%, and raise those on thermal coal by 28% from April 1, in a move likely to boost downstream gas consumption.

 
 S.KOREA, UAE NUCLEAR COOPERATION
2019, March, 1, 11:35:00

S.KOREA, UAE NUCLEAR COOPERATION

The leaders of South Korea and the United Arab Emirates have said the two countries will seek opportunities to cooperate in the field of nuclear energy beyond their current collaboration on the Barakah nuclear power plant project. This will include opportunities in third countries.

 
 GAZPROM'S GAS FOR KOREA
2018, June, 20, 12:10:00

GAZPROM'S GAS FOR KOREA

PLATTS - "Today, the political situation is somewhat different. The South Korean side approached Gazprom about the revival of this project. A series of talks took place on this. These talks are continuing. We can't say anything further, but we are renewing such talks with the Korean side," Markelov said.

 
 ASIA'S LNG DEMAND
2018, April, 25, 09:55:00

ASIA'S LNG DEMAND

REUTERS - global liquefied natural gas (LNG) imports have risen 40 percent since 2015, to almost 40 billion cubic meters (bcm) a month. Growth accelerated in 2017, with imports up by a fifth, largely because of rising demand in China, but also in South Korea and Japan.

 
 UAE - S.KOREA COOPERATION
2018, April, 9, 11:15:00

UAE - S.KOREA COOPERATION

WNN - The Emirates Nuclear Energy Corporation (Enec) and its joint venture subsidiaries, Nawah Energy Company (Nawah) and Barakah One Company (BOC), have signed three agreements with Korean companies. Enec and Korea Electric Power Corporation (Kepco) in October 2016 signed a joint venture agreement that made Kepco a minority shareholder in Nawah and BOC.

 
 S.KOREA'S DIVERSIFICATION
2018, January, 19, 12:15:00

S.KOREA'S DIVERSIFICATION

PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.

 

Tags: ARAMCO, HYUNDAI, INVESTMENT, SAUDI ARABIA, KOREA