Saudi Aramco has signed an agreement to purchase 17% stake for $1.25 billion in Hyundai Oilbank, a petroleum and refinery company headquartered in Seosan, South Korea. Aramco plans to strengthen its presence in the refining sector, through the deal, featuring Aramco Overseas Company, a subsidiary of Saudi Aramco, and Hyundai Oilbank, a subsidiary of Hyundai Heavy Industries Holdings.

Also, the development comes as Aramco is focused on expanding its global presence in sectors where plastics and digital devices are in-demand.

Abdul Aziz Al Judaimi, Saudi Aramco’s senior vice-president of downstream, said, “Saudi Aramco continues to strengthen its position in the downstream sector.” The acquisition reflects the company’s investment activities in Asia’s refining sector, while simultaneously supporting Aramco’s downstream strategy for growth and diversification in long-term crude oil business.

It is also investing in India’s Ratnagiri refinery and petrochemicals in cooperation with Abu Dhabi National Oil Company. Both companies acquired a 50% stake in the project, Gulf News reports.

In 2018, Aramco became the world’s most profitable company with a profit of $111.1 billion, it said last week.