Quantcast
Channel: IT Times - Daily News
Viewing all articles
Browse latest Browse all 13550

Hyundai Corp. to Supply $1.5 Bil. Heavy Fuel Oil to Guam

$
0
0
Monday, August 12th, 2013
SEOUL, KOREA- Hyundai Corp., Korea's general trading company, has signed a US$1.5-billion contract with the Guam Power Authority to supply heavy fuel oil for up to five years.The company said on August 9 that it held a signing ceremony with GPA General Manager Joaquin Flores, Consolidated Commission on Utilities Chairman Simon Sanchez, and Hyundai Corp. president Kim Jung-rae in attendance at the GPA Board Conference Room in Harmon.
 
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."

Viewing all articles
Browse latest Browse all 13550

Trending Articles