Saudi loan to Hyundai

The bureau of Korean Hyundai Group in Cairo announced that a company for refining petroleum affiliated to the Korean group has agreed with the Saudi National Trade Bank to offer a loan to the Hyundai Group worth $200 million.

Sources from the group said it will use this loan to pay its dues for petroleum purchases from the Arab - American company ARAMCO, but the source did not reveal the details of the conditions concerning this loan.

An official in the Hyundai company expected that the agreement will work to stabilize supplies of raw petroleum to the company, which is currently working on increasing its imports of raw petroleum.