ConocoPhillips to take stake in Hyundai Oilbank

U.S.-based refiner ConocoPhillips will acquire 35% of Hyundai Oilbank Corp., South Korea’s fourth-largest refiner by revenue, to make Korea a springboard to advance into Asian markets, the Seoul Economic Daily reported. The newspaper said the U.S. refiner will acquire the 35% stake from United Arab Emirates-based investment company IPIC, which currently holds 70% of the Korean refiner. He said ConocoPhillips, which has no production facilities in Asia, will likely enter Asian markets, particularly China, via Hyundai Oilbank. IPIC, the largest shareholder of Hyundai Oilbank, took over management control of the Korean firm in 2002 when the refiner fell into financial troubles. (August 11, 2006)