Hyundai Oilbank Signs Long-Term Supply Contract for Gasoline and More in Hawaii, USA

Hyundai Oilbank signed a contract on the 3rd to extend the supply of petroleum products next year with Sunoco in the United States. Lee Seung-su, Head of Global Business Division at Hyundai Oilbank (right), and Karl Feils, CEO of Sunoco.

[Asia Economy Reporter Oh Hyung-gil] Hyundai Oilbank announced on the 3rd that it has signed a contract to extend the supply of petroleum products with the US company Sunoco for next year.

Through this contract, Hyundai Oilbank has secured a stable export route for petroleum products to the United States. Unlike transactions through traders, long-term direct transactions allow for stable sales of volumes under fixed conditions.

Starting with the sale of finished petroleum products to Hawaii in July last year, Hyundai Oilbank directly supplied a total of 3.6 million barrels of gasoline and diesel to Sunoco this year for local sales in Hawaii.

Sunoco is a US company specializing in petroleum product exports and imports, supplying petroleum products to local partner companies that have the world's largest retail and gas station distribution networks, including Hawaii.

So far, Hyundai Oilbank has been continuously expanding its export regions beyond Asia, the traditional petroleum product export market such as Singapore and Indonesia. In the case of New Zealand, where transactions began in 2013, more than 7 million barrels are imported annually from Hyundai Oilbank.

Lee Seung-su, Head of Global Business Division at Hyundai Oilbank, said, "The extension of the long-term supply contract is the result of building a deep bond and maintaining a cooperative relationship despite it being the first transaction earlier this year," adding, "We look forward to cooperation with global gas station companies that have distribution networks on the US mainland and worldwide."

This content was produced with the assistance of AI translation services.