FINANCIAL NEWS

Abu Dhabi’s IPIC to sell stake in Hyundai Oilbank

10 Jul 2010

(MENAFN) A South Korean court has ordered Abu Dhabi-based International Petroleum Investment Company (IPIC) to fulfill an international ruling to sell its controlling stake in a Korean refiner to Hyundai firms, Reuters reported.

IPIC has been in a dispute with companies related to the former Hyundai Group, led by Hyundai Heavy, which are seeking to buy back IPIC’s 70 percent stake in Hyundai Oilbank.

Hyundai Oilbank is the country’s smallest crude oil refiner with a capacity of 390,000 barrels per day.

Last November, the Singapore International Chamber of Commerce (ICC) ordered IPIC to sell its entire stake to Hyundai for $2.15 billion. However, IPIC said it would not follow the ruling until local courts enforced it.

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