Hyundai Heavy: Hyundai Oilbank IPO an Option

South Korea's Hyundai Heavy Industries said on Wednesday it was not considering selling its refinery unit Hyundai Oilbank, but may list it if market conditions improve.

The loss-making shipbuilder said nothing had been decided.

Maeil Business Newspaper said last week that Hyundai Heavy plans an initial public offering of Hyundai Oilbank in the deal which could value the refinery firm at as much as 6 trillion won ($4.91 billion) to 7 trillion won.

Hyundai Heavy Industries hold a 91.13 percent stake in Hyundai Oilbank as of June 30.

Reporting by Hyunjoo Jin