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Refiner Hyundai Oilbank buys 2 million barrels of US crude oil

Seoul - The first batch of 1 million barrels of Southern Green Canyon crude from the U.S. Gulf of Mexico will arrive in early May and the remainder in the following month, it said on Monday.

Seoul - South Korea’s refiner Hyundai Oilbank Co. signed a deal with multinational oil and gas company Shell earlier this month to purchase 2 million barrels of crude from the U.S. for $100 million as a cheaper alternative to Middle Eastern imports. The first batch of 1 million barrels of Southern Green Canyon crude from the U.S. Gulf of Mexico will arrive in early May and the remainder in the following month, it said on Monday. The Seoul government has earlier said it would encourage oil and gas imports from the U.S. as a means to lessen trade surpluses with the U.S. after inauguration of President Donald Trump who vowed to impose barriers to trade powerhouses that rake in handsome surpluses with the country.
He also pledged support for U.S. gas and oil development. Hyundai Oilbank is importing U.S. crude for the first time. In November and December, GS Caltex Corp. bought U.S. Eagle Ford Crude, a type of superlight shale oil. Local refiners that mostly import crude from the Middle East are turning more aggressively to U.S. output due to jump in Middle Eastern crude following their decision to production cut. (Source: Pulse)

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