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Thu 19 Mar 2009, 09:52 GMT

Hyundai Oilbank signs fuel oil deal with ExxonMobil


Refiner agrees $64 million high-sulphur fuel oil deal with U.S. oil major.

South Korean bunker supplier and oil refiner Hyundai Oilbank Co. Ltd., the country's fourth largest refiner, has announced that it has entered into a $64 million deal with U.S. oil major ExxonMobil for the supply of high-sulphur fuel oil for one year.

The volume of the deal was not mentioned by the refiner.

Hyundai Oilbank exports US$400 million of high sulphur fuel oil or bunker C oil to China annually, the company said.

News of the agreement with ExxonMobil follows reports last month that Hyundai Oilbank had agreed a new term contract with the U.S. oil major to supply 220,000 metric tonnes of fuel oil this year.

As part of the deal, it was reported that Hyundai will supply the US oil major with four 55,000-tonne straight-run fuel oil cargoes from its 275,000 barrels-per-day (bpd) refinery in Daesan to Singapore.

ExxonMobil was said to have purchased the first fuel oil parcel at a premium of over $15 per tonne to the Singapore mean on a free-on-board (FOB) basis.

Price discussions for the remaining fuel oil cargoes were expected to take place a month before the delivery date, according to market sources.

BP   Deal   ExxonMobil   Republic of Korea  Daesan (KR) 
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