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Mon 24 Mar 2008 04:09 PM

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Hyundai takes Abu Dhabi firm to court over stake sale

South Korean firm seeking injunction to stop part sale of Hyundai Oilbank.

Hyundai Heavy Industries Company said on Monday it was seeking a court injunction to bar the Abu Dhabi-based owner of Hyundai Oilbank Corporation from selling its stake in the South Korean refiner to third parties.

A spokesman for Hyundai Heavy Industries said Abu Dhabi-based International Petroleum Investment Company (IPIC) was trying to sell an unspecified part of its stake in the refiner to a group of South Korean companies in violation of an earlier agreement.

The spokesman said IPIC agreed last year with Hyundai Heavy Industries, which also owns 19.87% of South Korea's fourth-largest refiner, not to sell its stake in Hyundai Oilbank to third parties until it and Hyundai Heavy Industries resolve a dispute.

IPIC and its affiliate Hanocal Holding B.V. together own 70% of Hyundai Oilbank and is trying to sell part of the stake to GS Caltex Corporation, GS Holdings Corporation, and GS Engineering & Construction Corporation, he said.

"We filed an application for an injunction to block IPIC's attempt to sell its Hyundai Oilbank stake to three GS Group affiliates," he said.

He did not elaborate on the dispute that he said was pending between Hyundai Heavy and IPIC, which invests in oil-related projects for the Abu Dhabi government.

An IPIC official declined to comment.

Officials at Hyundai Oilbank were not immediately available for comment. (Reuters)

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