HD Hyundai Oilbank Expands Exports Beyond Hawaii to the US West Coast

HD Hyundai Oilbank announced on the 14th that it has signed a long-term petroleum product supply contract with Sunoco in the United States for next year.

HD Hyundai Oilbank announced on the 14th that it has signed a contract to extend the supply of petroleum products with Sunoco in the United States for 2024. Lee Seung-su, Head of Global Business Division at HD Hyundai Oilbank (left), and Austin Harkness, Chief Commercial Officer of Sunoco.

Hyundai Oilbank began exporting petroleum products to Hawaii in July 2021 and has been exporting gasoline and diesel under a long-term supply contract since last year. Sunoco supplies petroleum products worldwide, including Hawaii and the U.S. mainland.

The contract volume exceeds 3.6 million barrels annually, and the contract area spans from Hawaii to the U.S. West Coast. This is expected to be Hyundai Oilbank's first step in expanding its business area beyond Hawaii, Alaska, and Guam to the U.S. mainland.

HD Hyundai Oilbank is expanding its export territory beyond Asia, including Singapore and Indonesia. It exports more than 7 million barrels annually to New Zealand, where it started trading in 2013.

Lee Seung-su, Head of Global Business Division at Hyundai Oilbank, said, "The long-term contract has been secured for three consecutive years based on continuous cooperation and trust with Sunoco. We will seek more diverse business opportunities, not only supplying gasoline to the U.S. mainland."

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