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% of the refiner, according to TheNational.
IPIC will be able to secure a bridgehead in the energy business and seek synergies with its petrochemical plant business via the acquisition, according to a company statement.
Hyundai Oilbank has a long term contract to buy 70,000 barrels of oil per day from Abu Dhabi and operates a refinery in the western city of Daesan with capacity to process 275,000 barrels per day.
The company together with a refiner in Japan has formed the core of IPIC’s investments in petrochemicals and refining in East Asia.
IHS Global Insight East Asian energy analyst Tom Grieder was quoted by the website as saying that owning a stake in a Korean refinery gave IPIC a guaranteed market for Abu Dhabi crude and provided access to some of the most efficient production capacity in the region.
