Hyundai Oil Bank Corp. signed a deal with ExxonMobil Co., world"s largest oil company in terms of revenue, to supply High Sulphur Fuel Oil (HSFO).
Hyundai Oil Bank Corp., a Korean petroleum and refinery company, disclosed on March 19 that the company signed a deal with ExxonMobil Co., world"s largest oil company in terms of revenue, to supply High Sulphur Fuel Oil (HSFO). The deal specifies Hyundai Oil Bank to export $64 million worth HSFO for a period of one year, enabling the company to succeed in diversifying export region of bunker fuel oil C.
In regards to the latest deal concluded, Hyundai Oil Bank Corp. explained that ExxonMobil increased its demand for bunker fuel oil C last year due to the burgeoning price gap between Light Sweet Crude product, such as light oil, and bunker fuel oil C, leading to the signing of the long-term purchase deal with Hyundai Oil Bank Corp.
The two companies held an event celebrating the conclusion of the supply deal participated by Kim Doo-jin, head of S&T division of Hyundai Oil Bank, and Khojama Kalimuddin, vice president of ExxonMobil Asia Pacific Pte. Ltd. (headquarter in Singapore) in Hyundai Oil bank"s Seoul office located in Nam-tae-mun-ro.