Korea's Hyundai Heavy Industries Holdings (HHIH) has agreed to sell a 19.9% stake in its refining unit Hyundai Oilbank to Saudi Aramco for $1.6bn.
Aju News reported that an initial agreement has been signed with the Saudi oil giant, citing HHIH, the parent of Hyundai Heavy Industries.
Oilbank has revenue of $19.2bn, but profit has been falling.
A potential IPO for the company has been delayed after reports last year that six banks had been picked to carry out a listing worth as much as $2bn.
