VOL. XLV

No 14

8-April-2002

UAE

HyundaiOil Refining Secures $900Mn From IPIC

South Korea痴Hyundai Oil Refining Company announced on 30 March that it had secured $900mnin credit and guarantees from the UAE痴 InternationalPetroleum Investment Company (IPIC), which acquired a 50% stake in the refinerin 1999. According to a statement issued by Hyundai, IPIC will provide it with$400mn worth of credit and $500mn in trade financing facilities. Hyundai Oilexpects to reduce its net losses this year to...