Saudi Aramco, the world’s wealthiest albeit state-owned oil company, continues to diversify in downstream investments. On Monday, the storied oil major said it planned to invest up to $1.6 bn for a nearly 20 percent stake in South Korean refiner Hyundai Oilbank. OilBank is South Korea’s smallest refiner by capacity. Saudi Aramco is already the biggest shareholder in South Korea’s third-largest refiner, S-Oil Corp, with a 63.41 percent stake. Saudi Aramco plans to pay 1.8 trillion won for a stake of up to 19.9 percent of Hyundai Oilbank from Hyundai Heavy Industries Holdings, which now owns 91.13 percent of Hyundai Oilbank, a Reuters report said. Saudi Aramco plans to value Hyundai Oilbank at 10 trillion won, or 36,000 won per share, according to a Hyundai Heavy Industries Holdings statement. Reuters said that a person familiar with the matter claimed the company plans to offer a discount of 10 percent […]