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Ipic to sell $2.2bn stake in S Korea refinery.

Abu Dhabi-based International Petroleum Investment Company (Ipic) will sell a $2.2 billion stake in a South Korean refinery after losing a legal battle to a leading industrial firm.

Ipic will sell its 70 per cent stake in Hyundai Oilbank, the country's fourth-largest refiner, to Hyundai Heavy Industries, said a report in The National.

Hyundai Heavy, which was involved in the legal battle with Ipic for more than two years to take control of the stake, will now own 91.1 per cent of the refiner, the report said.

Ipic may look to other East Asia regions to make an investment with the $2.2 billion cash, the report quoted an energy analyst as saying.

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Publication:TradeArabia (Manama, Bahrain)
Date:Aug 12, 2010
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