South Korean petroleum and refining company Hyundai Oilbank is to sell a 90% stake in its oil terminals business and will invest the proceeds in ‘eco-friendly future businesses’.
According to Argus Media financial company J&Private Equity will pay KRW 200 billion (€146.92 million) for the stake. A company official told S&P Global Platts that it would retain the 10% to form a partnership with the buyers.
Hyundai Oilbank currently generates 85% of its sales from its refinery business but by 2030, it has set a target for sustainable technology businesses includes blue hydrogen and environmental chemicals to generate 70% of sales. It plans to produce and sell 100,000 t/y of blue hydrogen by 2025.
Hyundai Oilbank has operated the Hyundai Oil Terminal since December 2013. The terminal has 35 tanks storing 280 million L of crude and refined oil products, and a dock which can accommodate vessels up to 50,000 DWT in size. The company will continue to store products in the terminals for export to China and Japan after the sale to J&Private Equity is completed.