STX buys stake in Tiger Oil
Singapore Petroleum Venture, a subsidiary of Singapore Petroleum Company, and its partners JECT and Hyung-Min Kim have sold their collective 56.42% stake in South Korean oil importer and retailer Tiger Oil to STX Energy. Tiger Oil began operating in South Korea in 1998, importing and selling petroleum products. The company has a retail network of 40 service stations across the country. STX Energy, which is part of South Korean conglomerate STX Group, also bought an additional 38.22% in Tiger from other shareholders, including a South Korean bus company and private individuals. The company now owns 94.64% of Tiger. The total value of the deal was 36 billion won (US$38.11 million). The share sale is expected to be completed in the first half of 2007. “The acquisition of Tiger Oil will help STX Group secure stable fuel supply for its shipping arm and expand its energy business,” a company official said. (March 14, 2007)