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Hyundai Glovis signs 130 bil. long-term crude oil transport contract with S-Oil

2014.11.14

Hyundai Glovis concluded a 130 bil. long-term crude oil trans­port contract with S-Oil, a general energy company. Hyundai Glovis CEO Kim Kyung-bae and S-Oil Senior Vice President Yoo Yeol held a signing ceremony for the VLCC(Very Large Crude Car­rier) long-term cargo transport at the S-Oil headquarters in Mapo-gu, Seoul on Nov. 13 with attendance of some guests.

Under the contract, Hyundai Glovis will transport a total of 10 million tons of crude oil from the Middle East to Ulsan, Onsan ports over the coming five years. For this project, it will put some 300,000 ton-class VLCC to transport crude oil over seven to eight occasions. The total fare during the contract period amounts to about $120 million(some 131.5 billion won). With this contract as a springboard, Hyundai Glovis plans to actively find out new cargo shippers in the global energy market.

 

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