S-Oil backs away from talks with United Petroleum

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S-Oil backs away from talks with United Petroleum

S-Oil said yesterday that it halted talks to acquire a stake in Australia’s United Petroleum after failing to reach an agreement with the petrol and convenience store retailer.

The Korean refiner, controlled by Saudi Aramco, said in a regulatory filing that it will continue to maintain its current partnership with United Petroleum based on their current oil product trades.

S-Oil said earlier this year it had been picked as preferred bidder to acquire the stake after the privately owned Australian company began exploring a potential sale or a joint venture of the business that has a value of about $1 billion Australian dollars ($921 million) including debt, according to sources familiar with the matter.

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