Hyundai Merchant Marine, S-Oil agree to transport dealHyundai 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.
More in Industry
Popeyes to close all branches in Korea this month
Contract signed for Covid-19 vaccine
Teas the season
Empty Chairs at Empty Table
Is China's post-Thaad ban on Korean games finally over?