Oil & Gas

16 Mar 2021

Hyundai Oilbank to Export Gasoline to the U.S. for First Tim

16 Mar 2021  by Jung Min-hee   
Hyundai Oilbank announced on March 15 that it will export gasoline products to the United States in the second quarter of the year. This will mark the first time Hyundai Oilbank exports gasoline products to North America.

The United States, the world's largest gasoline market, has been exporting its surplus gasoline to South America. Korean oil refiners did not pay much attention to the U.S. market as it is less profitable than the Asian market.

However, U.S. refiners are importing gasoline as their petroleum product inventory has fallen sharply due to plant shutdowns caused by the cold snap.

Hyundai Oilbank has moved quickly to enter the U.S. gasoline market, which has become more lucrative. "We will export 300,000 barrels of gasoline, not a large amount, but we are exploring markets where we can make profits at a time when the refining margin is still low," a Hyundai Oilbank official said.

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