S Outh Korean Refinery Sale Draws Majors

The first sale of a South Korean oil refinery is drawing worldwide interest as multinationals jostle for a rare foothold in the protected market, analysts and industry sources said on Thursday.

A source close to the negotiations said companies from Britain, France, Belgium, the United States, Taiwan and the Middle East are involved in the talks to buy all or parts of Hanwha Energy, the country's smallest refinery.

An interest in Hanwha would give the companies rare access to the 2.4 million barrels-per-day (bpd) domestic market of the world's sixth largest oil importer, analysts said.

"There is a possibility we can make a sale in this month but this depends on the price," a Hanwha spokesman said. The spok-esman said Hanwha was looking for a buyer to pay a premium for the company, rather than just assume its debts. (Reuters)