State-owned Saudi Aramco has agreed to buy a 1.4 trillion won (US$1.2 billion) stake in South Korean oil refiner Hyundai Oilbank, reported the Wall Street Journal.
The sale’s proceeds will help the Hyundai Heavy Industries shipbuilding unit fund its US$2 billion acquisition of rival shipyard Daewoo Shipbuilding & Marine Engineering (DSME), people with knowledge of the deal said. The deal was announced in January.
The merger of Hyundai Heavy and DSME is set to be completed this year and will create a behemoth controlling 20% of the global market for new ships, and an even bigger share of the fast-growing market for liquefied natural gas carriers.
Full Content: Wall Street Journal
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