SEOUL: SK Corp, South Korea's largest oil refiner, agreed to acquire bankrupt Inchon Oil Refinery Co for 1.6 trillion won (US$1.55bil), adding capacity as concern about shortages push petroleum prices to a record.
SK Corp, based in Seoul, would buy new shares issued by the refiner, which would use the proceeds to pay creditors as much as 900 billion won, the company said in a release. SK Corp will also buy 1.6 trillion won of new bonds from Inchon Oil. The refiner was selected on Aug 19 as the preferred negotiator by a South Korean court arranging the sale.