Hyundai Heavy Industries (HHI) Chairman Min Keh-sik, President & CEO Lee Jai-seong, President Oh Byung-wook, and other executives visited Hyundai Oilbank’s production plants in Daesan on August 23.

This visit was made after HHI took over Hyundai Oilbank in August 12. Kwon Oh-gap, president of Hyundai Oilbank, gave a tour of the oil refining facilities to HHI management group.

Through the visit HHI management hoped to increase their understanding about the newly acquired company and welcome Hyundai Oilbank’s employees to Hyundai Heavy Industry family.

HHI won approval from a South Korean court to buy Hyundai Oilbank from International Petroleum Investment Co. (IPIC), following an International Chamber of Commerce (ICC) ruling in Singapore last year.

HHI bought the remaining 70 percent of Hyundai Oilbank shares from IPIC for 15,000 won per share, bringing the company’s stake to 91.13 percent. Other major shareholders are the non-affiliated Hyundai Motor Co. with 4.35 percent and Hyundai Steel Co. with 2.21 percent.

This acquisition, the shipyard’s biggest to date, would help diversify the company’s portfolio by expanding the energy business and cutting dependence on shipbuilding.