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Ssangyong Oil Refinery to Go to SK Group

Mar 11,1999
One of the biggest fish in the oil refining pond will swallow a key competitor. SK group has decided to purchase Ssangyong Refinery as soon as the two companies can finalize the deal.
According to a company spokesmen, Ssangyong group will sell out its 28.41-percent stake in the Ssangyong Refinery to SK group. The terms of the deal have not been disclosed, but SK will probably offer a combination of cash and company shares as payment.
If SK aquires Ssangyong's stake it will become the majority shareholder of Ssangyong Refinery, and the domestic refinery sector will be reduced to three major companies, SK-Ssangyon, LG Caltex and Hyundai-Hanwha Energy.
Ssangyong stated that it made a profit of 200 million dollars last year, and since its founding has helped raise the Korean petroleum refinery industry. Ssangyong hopes to finalize the deal on March 12.



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