Saudi Aramco, Hyundai sign $1.2bn oilbank purchase agreement
Aramco eyes 2.9 percent stake as an additional purchase.
Saudi Aramco, the officially known petroleum and natural gas company in Saudi Arabia, has signed an agreement with Hyundai Heavy Industries to acquire a 17 per cent stake in oil refiner Hyundai Oilbank for $1.24 billion.
Aramco has the option to purchase another 2.9 per cent stake, this is according to the stock trading agreement (SPA) signed by the two companies, Hyundai Heavy Industries revealed in a bourse filing.
Aramco has five years to purchase 7,107,390 (2.9%) shares at what would be the last selling price of the week.
Reacting to the purchase agreement between the two companies, 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.”
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