Aramco's $1.6 Billion Korea Deal Deepens Asian Refining Ties - Bloomberg

Aramco's $1.6 Billion Korea Deal Deepens Asian Refining Ties - Bloomberg:

Saudi Arabian Oil Co. is taking a nearly 20 percent stake in South Korean oil refiner Hyundai Oilbank Co. for $1.6 billion, tightening the grip of the world’s top crude exporter on the biggest oil consuming region.

The Saudi state-owned giant, known as Aramco, is seeking to firm up its customer base and market share in Asia as it moves toward a partial listing in what could be the biggest-ever initial public offering.

The Hyundai Oilbank purchase announced Monday would be the latest in Aramco’s refining asset spree across the region in recent years, eyeing stakes in plants in China, India, Indonesia, Malaysia and Pakistan. Aramco has also taken equity positions in whole refining companies, such as its 15 percent share in Japan’s Showa Shell Sekiyu KK or its 63 percent of the common stock in South Korea’s S-Oil Corp.