Hyundai Glovis signs a contract with GS Caltex

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Hyundai Glovis signs a contract with GS Caltex

Hyundai Glovis, a logistics unit of Korea’s Hyundai Motor Group, said Sunday it has signed a long-term crude oil shipping contract worth 210 billion won with oil refiner GS Caltex.

Under the deal, Hyundai Glovis will transport crude oil from the Middle Eastern region to GS Caltex’s plant in the southern part of Korea starting in the fourth quarter of the year.

The contract will last for 10 years, officials said.

Hyundai Glovis said its newly built 300,000-ton very large crude carrier, the V. Progress, will be used to ship crude for GS Caltex.

Yonhap

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