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Saudi Aramco, a state-owned company, has agreed to buy 13 percent of the capital of South Korean oil refiner Hyundai Oilbank for 1.1 billion won ($ 1.24 billion), the main shareholder of the refiner said Monday.
Hyundai Heavy Industries Holdings has stated in a regulatory document that it has signed the agreement with Saudi Aramco. The South Korean company announced in January that Aramco was planning to invest up to $ 1.6 billion in Hyundai Oilbank in order to expand its presence in South Korea.
Shares of Hyundai Heavy Industries Holdings closed up 1.9% on Monday, outperforming the 0.4% gain in the Kospi Composite Reference Index.
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