Citigroup is willing to buy Inchon Oil for Won780bn ($756m) if Sinochem's purchase of the small South Korean refiner falls through, the South Korean company said yesterday.

The sale of the failed Inchon to Sinochem is hanging in the balance after creditors twice rejected a Won630bn offer by China's state-run oil trader. Citigroup, the largest shareholder and creditor of Inchon, has opposed the deal, saying Inchon should fetch a higher price.