Sinochem and Inchon Oil had signed an MOU in May this year for the former to takeover the latter by the end of September.
Platts, citing anonymous Inchon Oil sources, “Sinochem has offered Won 644 billion (US$562 million) to buy Inchon Oil but has demanded that its own brand name be used in the South Korean market.”
“Inchon Oil prefers [our] former brand name Kyungin Energy for the local market because of negative South Korean sentiment towards Chinese brand name products. But [we will] concede to Sinochem demands to finalise the deal on time,” added the insiders.
