IPIC told to sell shares in refiner for $2.25bn

Abu Dhabi wealth fund told to sell 70% stake in Hyundai Oilbank by ICC

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The Abu Dhabi-based sovereign wealth fund International Petroleum Investment Co (IPIC) has been told by the International Chamber of Commerce (ICC) that it has to sell its shares in South Korean oil refiner Hyundai Oilbank to Hyundai Heavy Industries (HHI) for around $2.25 billion.

The move follows a dispute between IPIC and HHI regarding the company. HHI decided to exercise its right to buy IPIC’s 70% stake in Hyundai Oilbank after the compnay tried to sell part of its stake and thereby violated an earlier agreement.

"It remains to be seen which [Hyundai] companies will buy those shares and how the deal will be funded," a HHI spokesman is quoted by Reuters as saying.

The spokesman added that as yet no time scale had been set in regards to the sale. Crude supplies to the South Korean refiner would not be affected.
 

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