Japan Might Purchase Korean Petroleum Business

Fifty percent of the unified petroleum chemical business owned by Samsung and Hyundai might be purchased by a Japanese consortium including Mitsui group.
A source from Hyundai Petroleum Chemical said on May 12, 'Japanese groups will acquire 50 percent of the new unified petroleum company to be formed this coming September by Hyundai and Samsung. Samsung is requesting the same portion as members of the Japanese consortium, but Hyundai may not seek the same percentage of stocks as they are separating the petroleum business from the Group.'
Another source from Samsung mentioned, 'The Japanese consortium will be required to spend billion dollars to secure 50 percent of the total business, which is tough to actually execute.'
The two groups will discuss inducing foreign capital and debt remittance for the petroleum business this week.
Hwashik Bong : trojans@joongang.co.kr