By Kim Jae-won
Hyundai Oilbank said Tuesday it has attracted 33 billion won ($28.2 million) from Stic Investments, a Seoul-based international private equity fund, for its new oil reserve facility currently under construction in Ulsan.
The facility, with a capacity of 290,000 tons, is expected to be completed next year and the money invested by Stic will be enough to cover about 36 percent of the 90 billion won construction bill, according to company officials.
The plant will be managed by Hyundai Oil Terminal, a subsidiary Hyundai Oilbank plans to list on the stock market after 2015.
``The investment has contributed to diversifying our business,” Moon Jong-bak, a director of the company, said in a statement. Moon added that it will raise the competitiveness of Ulsan, a port city which seeks to become a regional hub in the oil trade.
Stic, incorporated in 1999, manages assets worth around $2 billion. It has invested over 300 companies, usually mid-sized firms in Asia, and has 70 professionals in seven global offices in China, Taiwan, Vietnam, Hong Kong and the United States.