Hyundai Oilbank leases an oil terminal in VietnamHyundai Oilbank, a major refiner in Korea, said Wednesday it will run an oil terminal in Vietnam to tap deeper into the Southeast Asian market.
The affiliate of Hyundai Heavy Industries Group said it has leased an oil depot in Ba Ria-Vung Tau, southeast of Ho Chi Minh City, that can store 200,000 barrels of petroleum products.
The facility can also accommodate large crude carriers, it added.
Hyundai Oilbank said the terminal will serve as its export hub for the region. The company aims to explore not only Vietnam, but also nearby countries, like Cambodia and Laos.
“We plan to double our exports next year from the current 3 million barrels,” the company said in a statement. “From 2021, we’ll also export petrochemical and lubricant products.”
More in Industry
Food start-ups find ravenous appetite from customers
Jeju Air adjusts results to reflect Eastar deal collapse
CJ CheilJedang's net income quadruples in second quarter
Naver and Kakao continue hunt for exclusive content
Korea Inc. lines up to donate to flood victims