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Aramco unit acquires 28.4% stake in S-Oil Corp

: Thursday, July 03 - 2014 @ 02:53

Aramco Overseas Co (AOC), a unit of Saudi Aramco, has announced it had agreed in principle to buy Hanjin Group’s entire 28.4% stake in South Korea’s S-Oil Corp for around $1.95bn, Reuters has reported. “This transaction underscores Saudi Aramco’s confidence in the Korean economy and its strategy to enhance its presence in the growing Asian markets and AOC’s commitment to S-OIL growth.” Khalid al-Falih, Aramco’s chief executive, said.

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Thursday, July 3- 2014 @ 2:53 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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