HD Hyundai Oilbank to supply petroleum products to Sunoco

South Korea's HD Hyundai Oilbank said on Tuesday it has extended a contract with US fuel distributor Sunoco LP to supply petroleum products next year, expanding its reach to Western America. 

The contract, which is worth over 3.6 million barrels per year, includes gasoline and diesel. Hyundai Oilbank began exporting petroleum products to Hawaii in July 2021 and has been supplying Sunoco directly since 2022.

Sunoco supplies petroleum products to a global distribution network, including Hawaii and the mainland US.

The South Korean refiner said the contract extension is the first step in expanding its business territory beyond Hawaii, Alaska, and Guam to the mainland US.

"The long-term contract for three consecutive years was achieved through continuous cooperation and trust with Sunoco," head of Hyundai Oilbank's Global Business Division Lee Seung-Soo said. "We are not only looking forward to supplying gasoline to the mainland US but also seeking a variety of other business opportunities."

Hyundai Oilbank has been progressively expanding its export territories in recent years, moving beyond traditional Asian markets such as Singapore and Indonesia.

It has been exporting over 7 million barrels annually to New Zealand since 2013 and has been gradually increasing its export proportion to the US since 2022.

Write to Mi-Sun Kang at misunny@hankyung.com