VOL. XLII

No 43

25-October-1999

UAE

Abu Dhabis IPIC Acquires 50% Controlling Interest inKoreas Hyundai Oil

The Abu Dhabi Governments downstream oil investment arm,International Petroleum Investment Company (IPIC), announced on 20 October thatit had reached agreement with South Koreas Hyundai Group to acquire a 50%controlling interest in the latters Korean oil refining and marketingsubsidiary Hyundai Oil Refinery Company (HDO), with Hyundai affiliatesretaining the other 50%. The 50% acquisition...