Tuesday, August 20, 2019
Hyundai Oilbank to Purchase 2.1 Tril. Won Worth of Non-Arabian Oil from Aramco Trading Singapore
An Oil Supply Deal with Saudi Aramco
Hyundai Oilbank to Purchase 2.1 Tril. Won Worth of Non-Arabian Oil from Aramco Trading Singapore
  • By Jung Min-hee
  • June 28, 2019, 10:13
Share articles

Hyundai Oilbank Co. will purchase 2.09 trillion won (US$1.81 billion) worth of non-Arabian crude oil from Aramco Trading Singapore Pte Ltd., an affiliate of Saudi Aramco.

Hyundai Heavy Industries Group announced on June 27 that its refining unit, Hyundai Oilbank Co., will purchase 2.09 trillion won (US$1.81 billion) worth of non-Arabian crude oil from Aramco Trading Singapore Pte Ltd., an affiliate of Saudi Aramco.

The latest contract accounts for 9.71 percent of the company’s recent sales.

The refiner will buy 100,000 barrels of non-Saudi crude oil per day. The deal will run for 20 years from January 2020 to December 2039.