Aramco Overseas Company B.V (AOC) has agreed in principle to buy the Hanjin Group’s entire stake in the Korean petroleum and refinery company S-Oil for approximately US$1.95bn
Already a major shareholder, AOC looks to acquire the stake comprising of 32mn shares, which will see its ownership interest in S-Oil almost double, increasing from 34.99 per cent to 63.4 per cent, according to reports.
Saudi Aramco president and CEO Khalid A Al-Falih said, “This transaction underscores Saudi Aramco’s confidence in the Korean economy and its strategy to enhance its presence in the growing Asian markets and AOC’s commitment to S-Oil growth.”
As a subsidiary of the Saudi Arabian Oil Company (Saudi Aramco), AOC provides support services as well as making up an important part of Saudi Aramco’s global business through its investments and joint ventures.
