Korea Hyundai Oilbank acquires SK Networks' gas station
Korean oil major Hyundai Oilbank Co Ltd acquired about 300 gas stations operated by SK Networks in the country and its share of the number of stations rose to the second in the domestic market. With 159 of the stations acquired located in the capital area, Hyundai Oilbank increased the number of stations it operates in the capital area from 591 to 750.
Along with the acquisition, Hyundai Oilbank has about 2,500 stations in Korea, the second largest after SK Energy's 3,100. This is more than the 2,352 stations of GS Caltex and the 2,162 stations of S-Oil Corp.
Hyundai Oilbank acquired 1,100 gas stations from Hanwha Energy Plaza in 1999 and became the third largest operator in the country. With the acquisition, the oil major raised its ranking by a further notch for the first time in 20 years.