Hyundai Oilbank extends US fuel export deal with Sunoco

Hyundai Oilbank Co. extended a deal with US independent fuel distributor Sunoco LP to export petroleum products to Hawaii as the South Korean refiner continues to diversify in overseas markets.

Hyundai Oilbank said on Thursday it signed a contract to sell refined oils to Hawaii by 2023. The refiner, which started shipping fuels to the US state through a spot deal in July 2021, has supplied a total of 3.6 million barrels of gasoline and diesel so far this year in its first term contract for exports to the country.

The refiner, whose No. 2 shareholder is Saudi Aramco with a 17% stake, plans to export a similar volume next year, according to industry sources.

“The extension of the long-term supply deal is expected to allow us to cooperate with global gas station operators with distribution networks on the US mainland and other markets worldwide,” said Lee Seung-soo, Hyundai Oilbank’s global business division.

Hyundai Oilbank has been expanding its overseas markets beyond Asian countries such as Singapore and Indonesia. It exports more than 7 million barrels of refined products to New Zealand a year.

Write to Ik-Hwan Kim at lovepen@hankyung.com
Jongwoo Cheon edited this article.