(LEAD) Hyundai Oilbank bags 2 tln-won petroleum product deal

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SEOUL, June 27 (Yonhap) -- Hyundai Oilbank Co., a refining unit under Hyundai Heavy Industries Group, said Thursday it has secured a 2.08 trillion-won (US$1.8 billion) deal to sell petroleum products to an affiliate of Saudi Aramco.

Under the deal with Aramco Trading Singapore Pte Ltd., Hyundai Oilbank will supply gasoline, diesel and jet fuel for the next 20 years, the company said in a regulatory filing.

Earlier, Saudi Aramco, the world's largest oil producer, agreed to supply 150,000 barrels per day of Arabian crude to Hyundai Oilbank from 2020 to 2039, while its affiliate Aramco Trading Co. also signed a similar contract with the South Korean refiner for non-Arabian crude supply.

Saudi Aramco is the second-largest shareholder of Hyundai Oilbank with a 17 percent stake. The Saudi state-run company bought the stake in April for $1.2 billion.

kdon@yna.co.kr
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