Oil firms backed by Abu Dhabi sign sales deal

16 April 2008
Two Asian oil companies part owned by the Abu Dhabi government have signed a memorandum of understanding with each other to sell more gasoline and diesel to international buyers.

Japanese refiner Cosmo Oil and South Korea’s Hyundai Oilbank, formerly known as Hyundai Oil Refinery Company, are to consider joint deals in refining and the supply and trading of oil and petrochemicals products.

Abu Dhabi-based International Petroleum Investment Company (IPIC), which is owned by the emirate's government, owns a 70 per cent stake in Hyundai Oilbank and last year bought a 20 per cent stake in Cosmo (MEED 21:9:07).

Last year IPIC signed a memorandum of understanding with Austrian integrated oil firm OMV to pursue upstream energy projects in the Middle East, North Africa and Caspian Sea.

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