Hyundai Oilbank Sells 90% Stake in Oil Terminal... Focuses on Eco-Friendly Future Business

Sale of Stake to J&Private Equity... Retaining 10% Ownership
Proceeds to Be Used as Investment Funds for Three Major Eco-Friendly Future Businesses Including White Bio

[Asia Economy Reporter Hwang Yoon-joo] Hyundai Oilbank has sold 90% of its shares in Hyundai Oil Terminal. The proceeds from the sale will be invested in eco-friendly future businesses.

At the board meeting held on the 16th, Hyundai Oilbank approved the agenda to sell 90% of its shares in Hyundai Oil Terminal to J&Private Equity Co., Ltd. Although the sale price is undisclosed, the market value of 100% of Hyundai Oil Terminal's shares is known to be approximately 200 billion KRW. Hyundai Oilbank plans to retain the remaining 10% stake.

In March, Hyundai Oilbank announced its 'Vision 2030,' which includes reducing the refining business revenue ratio from the current 85% to 45% by 2030, and increasing the operating profit ratio of three major eco-friendly future businesses?white bio, eco-friendly chemical materials, and blue hydrogen?to 70%.

Established in 2012, Hyundai Oil Terminal operates petroleum product tank leasing businesses in Ulsan and Pyeongtaek. Last year, it recorded sales of 45.2 billion KRW and a net profit of 10.9 billion KRW.

A Hyundai Oilbank official stated, "We decided to sell the shares to restructure the existing refining business and focus on eco-friendly future businesses."

Meanwhile, even after the sale, Hyundai Oilbank plans to maintain a partnership with Hyundai Oil Terminal by using the Pyeongtaek and Ulsan terminals to expand exports to China and Japan.