Refining Capability and Export Experience Recognized, Contract Signed
Total 7.2 Million Barrels Through Hyundai Corporation
HD Hyundai Oilbank announced on the 1st that it will supply ultra-low sulfur diesel with significantly reduced sulfur content, an environmental pollutant, to the Guam Power Authority on a long-term basis. A total of 7.2 million barrels will be supplied over three years through Hyundai Corporation.
The Guam Power Authority is switching the main fuel of its thermal power plants from bunker fuel oil to special ultra-low sulfur diesel to ensure stable power supply.
Special ultra-low sulfur diesel, which has lower harmful components compared to bunker fuel oil, has strict specifications and can only be stably produced and supplied by a few refiners.
HD Hyundai Oilbank secured this supply contract based on its refining capabilities to meet special specifications and its experience exporting products to U.S. island regions such as Hawaii.
Lee Seung-su, Head of Global Business Division at HD Hyundai Oilbank (left), John Benavente, Director of Guam Power Authority (center), and Cha Myung-geun, Head of Petrochemical Division at Hyundai Corporation, attending the long-term contract signing ceremony. [Photo by HD Hyundai Oilbank]
HD Hyundai Oilbank began exporting finished petroleum products to Hawaii in 2021 and has been directly exporting gasoline and diesel through long-term supply contracts since 2022. Last year, it expanded its export regions to the U.S. West Coast, increasing the number of export countries.
Lee Seung-su, Head of Global Business Division at HD Hyundai Oilbank, said, "Based on the know-how accumulated from directly supplying petroleum products to countries around the world, we were able to expand our business area to Guam. We plan to further diversify overseas export markets going forward."
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