Hyundai Merchant Marine, S-Oil agree to transport deal

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Hyundai Merchant Marine, S-Oil agree to transport deal

Hyundai Merchant Marine said Wednesday it has reached a deal with S-Oil to transport a total of 16 million tons of crude oil from the Middle East to Korea over next five years.

The deal is worth 200 billion ($176 million) and will commence next month, according to nation’s second-largest shipper.

The affiliate of Hyundai Group said it will use its very large crude carrier, or VLCC, to transport crude oiL.

Hyundai Merchant Marine has been working with S-Oil since 2002 and already has one other transport deal with the nation’s third-largest refinery.

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