A dispute between International Petroleum Investment and Hyundai Heavy Industries over control of Hyundai Oilbank is set to go to arbitration after the two groups both claimed the right to buy the other’s stake in the Korean refiner.

IPIC, owned by the Abu Dhabi government, is Hyundai Oilbank’s largest shareholder with a 70 per cent stake and has been trying to purchase the remaining 30 per cent, held by Hyundai Heavy – the world’s largest shipbuilder – and its affiliates.