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Hyundai Oilbank will export 3.6 million barrels of gasoline and diesel per year to Hawaii beginning next year under a long-term contract, which it expects to serve as a bridgehead for expanding its business in the US mainland.
After first supplying petroleum products to Hawaii in July 2021, Hyundai Oilbank has decided to switch to a long-term contract that allows it to export petroleum products stably under certain conditions.
While the US is an oil-producing country, Hawaii is geographically located in the Pacific Ocean, making Asia an economically advantageous source of petroleum products.
Changes in the market environment are prompting Hyundai Oilbank to diversify its exports to other overseas markets.
Australia's self-sufficiency rate is shrinking due to aging facilities.
Meanwhile, China, South Korea’s largest export market of petroleum products, is expanding refining facilities.
