P.M. Briefing : Hyundai Plans to Tap U.S. Oil Wells

From Times wire services

A subsidiary of Hyundai Group, Korea’s largest conglomerate, plans to tap oil in the United States by acquiring part of the oil exploration rights held by a U.S. firm in Texas and Alaska, a spokesman for the group said today.

The spokesman said Hyundai Corp., the trading firm of the group, will sign a contract April 3 with Phillips Petroleum Co., based in Bartsville, Okla., taking over 25% of the equity related to oil exploration.

Phillips, which has the right to develop 100 oil fields across the United States, will also forge an equity link with the Overseas Petroleum and Investment Corp. of Taiwan, which will also take over a 25% stake, the spokesman said.