Hyundai Oilbank announced on Nov. 3rd that it has signed a contract with SUNOCO, a U.S. petroleum product import and export company, to extend the supply of petroleum products in 2023.
Hyundai Oilbank has established a stable export channel for petroleum products to the U.S. through the extension of the long-term supply contract this time.
Unlike transactions through traders, long-term direct transactions have the advantage of being able to stably sell products under certain conditions.
Lee Seung-soo, head of Hyundai Oilbank's global business division, said, "The extension of the long-term supply contract with SUNOCO is a result of building deep ties and maintaining cooperative relationships even though this year is a first-time transaction."
Hyundai Oilbank continues to expand its export territory beyond Asia, a traditional petroleum product export market such as Singapore and Indonesia. New Zealand, which started trading in 2013, imports more than 7 million barrels a year from Hyundai Oilbank.