HD Hyundai Oilbank expands U.S. presence with Sunoco deal

[Courtesy of HD Hyundai Oilbank]

HD Hyundai Oilbank Co. is expanding its presence on the west coast of the United States, following its venture in Hawaii.

The company said on Tuesday that it entered into a long-term petroleum product supply agreement with Sunoco LP for 2024. Sunoco is a petroleum distribution company supplying petroleum products to the United States and global distribution networks.

The contracted volume exceeds 3.6 million barrels annually, and the scope of the target market has expanded from Hawaii to the western United States.

“We will explore various business opportunities in the future, beyond supplying gasoline to the United States,” Lee Seung-soo, head of the company’s global business division, said.

HD Hyundai Oilbank has been expanding its market oversea, exporting over 7 million barrels annually since commencing transactions in New Zealand in 2013. The company has also exported petroleum products to Hawaii since July 2021.