SEOUL, South Korea (AP) -- Hyundai Merchant Marine Co. said Tuesday it has set up wholly owned overseas units in Russia and Dubai in a move to expand into the oil-rich countries.
''With oil prices running high, buying power is becoming stronger in Russia and the Middle East and many infrastructure development projects are under way,'' the shipping company said in a statement.
Hyundai Merchant Marine is South Korea's second-largest shipping company behind Hanjin Shipping Co.
Hyundai Merchant Marine did not say how much it invested to establish the local branches.
