Saudi Aramco close to becoming majority stakeholder in South Korea’s S-Oil | The National

Saudi Aramco close to becoming majority stakeholder in South Korea’s S-Oil | The National:



"Saudi Aramco, the world’s largest oil producer, is close to finalising a US$1.95 billion deal to become a majority stakeholder in the South Korean refinery firm S-Oil.



Aramco Overseas, which is owned by Aramco, said yesterday that it had agreed in principle to buy the South Korean firm Hanjin Group’s 28.4 per cent stake in S-Oil, which will give Aramco a 63.4 per cent share in the company.



As part of the deal,Aramco will buy 32 million shares in S-Oil from Hanjin Energy, a member of the Hanjin Group."



'via Blog this'