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IPIC may sell majority stake in Hyundai Oilbank
SEOUL - Abu Dhabi’s International Petroleum Investment Co (IPIC) may sell a controlling stake in Hyundai Oilbank Corp, South Korea’s fourth-largest oil refiner, sources familiar with the deal said on Tuesday.
IPIC, which invests in oil-related projects for the Abu Dhabi government, has previously said it planned to sell up to half of its 70 percent stake in Hyundai Oilbank, but increasing the stake to 50 percent and offering management rights may lure more potential buyers, sources said.
IPIC has received interest from several bidders for the stake, but has yet to decide how much to sell, a spokeswoman said, adding IPIC would keep a significant minority stake.
The initial 35 percent stake was estimated to be worth 700-800 billion won ($754-$851 million), sources said.
Frontrunners for the deal were mostly South Korean, but a 50 percent stake sale could interest international firms such as ConocoPhillips, sources said.
Hyundai Heavy Industries Co already owns 19.8 percent of Hyundai Oilbank. Others to show interest include South Korea’s No.2 refiner, GS Caltex Corp, Lotte Group, which has petrochemical businesses such as Honam Petrochemical, and STX Shipbuilding Co
GS Caltex is a 50-50 joint venture between GS Holdings and US major Chevron Corp
IPIC began investing in unlisted Hyundai Oilbank in 1999, and raised its stake to 70 percent in February 2006. It hopes to finalise a sale this year.
Morgan Stanley will advise IPIC on the sale.
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