SEOUL: Citigroup Inc is offering to buy South Korea's Inchon Oil Refinery Co Ltd for 780 billion won (US$756.5mil), possibly scuppering a stalled bid by Chinese suitor Sinochem Corp, a source at the refiner said.
Citigroup and other creditors of Inchon Oil have twice blocked a deal by Sinochem to buy the small South Korean outfit for about 630 billion won, saying they want a higher price.
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