Pemex will import Korean gasoline

It is the first time that Pemex buys gasoline directly and without intermediaries to the company Hyundai Oilbank.

Mexico continues to expand its network of gasoline suppliers with the addition of the Korean firm Hyundai Oilbank, which will supply millions of barrels of fuel to Pemex Comercio Internacional as of 2019.

According to the Korean company, it signed a contract with PMI to export gasoline to Mexico for the first time. It is about the sale of 2.1 million barrels of fuel that will begin to arrive from the first half of 2019.

Also, the sale of Hyundai Oilbank to PMI will be the first direct gasoline supply contract, without intermediaries, which will allow benefits for the supplier and its customer in a long-term relationship. That is to say, it is foreseen since it is the first contract of its kind in many to come. Previously, the company had already sold hydrocarbons to Mexico via traders .

With this, according to a report by Business Korea, the Korean energy company will seek to expand its business in Latin America, as it has done in other regions of the world (such as Oceania).

In a statement, the company said the PMI transaction is part “of our efforts to diversify our petroleum product destinations beyond traditional markets in Asia, which account for 57% of our gasoline exports.”

Hyundai Oilbank stressed that the difficulties facing China, South Korea’s main importer of refined products, have been aggravated by China’s policy of expanding its refining capacity for domestic consumption and exports.

In fact, China also has its eyes on Mexico as a destination for its foreign gasoline sales.

Source: Forbes

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