Singapore's International Chamber of Commerce has ruled that Hyundai Heavy Industries has the right to buy Abu Dhabibased International Petroleum Investment Co.'s (Ipic) 70% stake in Korean refinery Hyundai Oilbank (IOD Feb.18,p8). The court said Ipic's attempt to sell some of its stake to third parties in 2006 violated agreements with minority shareholders. Hyundai Heavy, the biggest minority shareholder, already owns 19.87% of the 390,000 b/d refinery, Korea's fourth-largest. A Hyundai spokesman said it would decide whether to buy the Ipic shares after discussions with other minority shareholders and Ipic itself.
展开▼
