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...
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