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In a regulatory filing yesterday, South Korean conglomerate, Hyundai Heavy informed about signing a $1.2 billion-agreement with oil giant, Saudi Aramco to sell a minority stake of Hyundai Oilbank. If sources were to be believed, Hyundai will use proceeds from the sale to fund its $2 billion acquisition of rival Daewoo Shipbuilding & Marine Engineering.
World’s biggest shipbuilder, Hyundai Heavy today announced in a regulatory filing that it received a $744 million contract order for the construction of four LNG carriers for Europe-based Capital Gas Carrier. The contract is due June 30, 2021. The Hyundai subsidiary has secured at least $2.87 billion worth of orders in past six months.