Abu Dhabi oil investment fund IPIC said it had raised its stake in South Korean refiner Hyundai Oilbank (HDO) to 70 per cent from 50 per cent.

A statement from International Petroleum Investment did not give a value for the deal. IPIC, a shareholder in Hyundai Oilbank since 1999, is seeking to expand its investments in South Korea.
“IPIC has now acquired a further 20 per cent of HDO shares, taking its equity stake to 70 per cent,” the statement said.
IPIC is owned by the government of Abu Dhabi. Hyundai Oilbank is South Korea's fourth-biggest refiner.
“IPIC, along with the other HDO shareholders, is absolutely committed to both ... the BTX Project and Upgrade Project,” it said, adding that the projects would be implemented after shareholders approve them.
It said a memorandum of understanding for the BTX (benzene, toluene and xylene) project had been approved by HDO’s board and was being developed in conjunction with Spain's Cepsa, in which IPIC also owns a stake.