Saudi Aramco has completed acquiring 17% stakes of South Korea’s Hyundai Oilbank from Hyundai Heavy Industries Holdings, for approximately $1.2 billion, according to Pipeline Oil and Gas News.

The acquisition was done through Aramco Overseas Company B.V. (AOC), Saudi Aramco’s subsidiary, after receiving all necessary regulatory consents and approvals.

This investment would support Aramco’s downstream growth strategy through expanding its global footprint in key markets in profitable integrated refining, chemicals and marketing businesses. Accordingly, this would enable Aramco to place crude oil and leverage its trading capabilities.

It is worth noting that 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 (b/d).