Hyundai Oilbank has pulled out of its plans to carry out an initial public offering on the Korea Exchange, citing economic uncertainties at home and abroad.
“We’ve decided to withdraw from the plan in the wake of the eurozone fiscal crisis and worsening investor sentiment on the local stock market,” a company spokesman said.
The company plans to push for the listing again when it finds optimum timing later.
Hyundai Oilbank had planned to complete the IPO process during the first half of the year.
Analysts said the firm’s suspension of the listing plan was inevitable amid the European Union’s sanctions on Iran.
Hyundai Oilbank, the No. 4 refiner, has already stopped importing Iranian oil starting this month. It used to import 70,000 bpd, or 18 percent of the total.
Iranian crude is about $2 to $3 cheaper than that produced by other Gulf nations, a company spokesperson said.
