Hyundai Oilbank Secures Storage Base in Vietnam
11.11.2019 By Greta Talmaci - NEWS

November 11, 2019 [Business Korea] – Hyundai Oilbank announced on Nov. 6 that it has secured a 200,000-barrel petroleum product storage base in Ba Ria Vung Tau Province, Vietnam, to expand exports to Southeast Asia.

 
This is the first time a Korean oil refinery built a petroleum product storage base in Vietnam. Ba Ria Vung Tau Terminal is Vietnam’s first private petroleum product terminal that allows foreign business operators to freely export imported goods. The terminal is adjacent to Ho Chi Minh City, Vietnam’s economic hub. It is considered the best place for a petroleum product export base because large tankers can easily come alongside the terminal.
 
Hyundai Oilbank plans to foster Ba Ria Vung Tau Terminal as its Southeast Asian export hub. The company plans to increase exports and improve its profit structure through active direct transactions with Vietnamese state-run and private distributors, and direct sales agencies. The Vietnamese petroleum product market is growing at an annual rate of over 5 percent.
 
In particular, Vietnam does not have enough refining facilities, so it meets 30 percent of its total demand with imports from other countries such as Singapore, Malaysia, and Thailand. The proportion of Korean products has been on the rise since the 2015 FTA between Korea and Vietnam.

Hyundai Oilbank plans to make a foray into Cambodia and Laos based on the storage base’s geographical advantages. These countries lack petroleum refining facilities and do not have large port facilities, so they mainly import petroleum products through Ba Ria Vung Tau. “Next year, we will more than double our exports, which are now around 3 million barrels a year,” a Hyundai Oilbank official said. “Beginning in 2021, we will diversify our export products into petrochemicals and lubricants among others.”

————-

Click Here to Access Today a 4,900 Tank Terminal Database With a Pro Trial
Click on the button and register to get instant access to actionable tank storage industry data

UAE Invests Billions in AI to Diversify Economy Beyond Oil
11.13.2024 - NEWS
November 13, 2024 [Oil Price]- The United Arab Emirates’ state-owned energy giant Abu Dhabi Nat... Read More
Gulf Energy Transition: Assessing Saudi and Emirati Goals
11.13.2024 - NEWS
November 13, 2024 [The Washington Institute]- On October 29, during Saudi Arabia’s annual Futur... Read More
How will The Energy Sector Fare Under Donald Trump?
11.13.2024 - NEWS
November 13, 2024 [Investing Daily]- The energy sector experienced a notable boost following Dona... Read More
PNOC, Pertamina Partner on LNG Infrastructure, Supply Chain
11.13.2024 - NEWS
November 13, 2024 [Manila Bulletin]- State-run Philippine National Oil Company (PNOC) has signed ... Read More