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HD Hyundai Oilbank Secures Long-Term Petroleum Supply Deal with SUNOCO for U.S. Expansion

South Korea
h 267250.KO Mid and Small Cap 2000
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HD Hyundai Oilbank, announced the successful finalization of a substantial long-term supply agreement for petroleum products with SUNOCO, a major player in the United States. The contract, spanning the upcoming year, encompasses an annual volume surpassing 3.6 million barrels, facilitating an extension of operations from Hawaii to the western United States. This strategic move signifies HD Hyundai Oilbank’s initial foray into expanding its business horizon from its established presence in Hawaii, Alaska, and Guam to the broader U.S. mainland. The company, which initiated petroleum product exports to Hawaii in 2021, has witnessed a growing share of exports to the U.S., with Sunoco playing a pivotal role in its expansive global distribution network.

Seungsoo Lee, Head of Global Business Division at HD Hyundai Oilbank, expressed optimism about the collaboration, stating, “With a longstanding foundation of cooperation and trust with Sunoco, we have secured a long-term contract for the third consecutive year. Looking ahead, our focus extends beyond supplying gasoline to the U.S. mainland as we explore diverse business opportunities.”

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