Monday, August 12th, 2013
The contract worth approximately $360 million a year goes into effect on September 1 and expires on August 31, 2015, with options to extend for an additional three years renewable annually. For the first 24 months, Hyundai Corp. will deliver about 6 million barrels of oil. This figure represents the entire amount needed for power generation in the U.S. territory for the two years. The company beat the world's major oil refiners such as the Vitol Group and Petrobras in the bidding.
A company official said this is meaningful in that his company found a stable source of income in a situation of protracted recession. "We plan to expand oil product sale in new markets such as Southeast Asia and the Middle East."