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LG and Hyundai Import Oman Oil

Dec 18,1998
LG Caltex announced on December 18 that it signed a contract with the government of Oman to import 6.2 million barrels of crude oil every year direct from Oman without any additional fee. The fee would have amounted to 5 to 10 cents per barrel. LG's vice chairman, Huh Dong Soo, met with Mohammad Alumi, Oman's petroleum minister, and signed the contract.
Oman exports 60 percent of its oil products directly while the other 40 percent goes through major oil companies such as Shell.
Hyundai also made a similar contract with Oman last month to import 5.5 million barrels per year and SK, as well, will import 4.3 million.


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