Hyundai Oilbank buys 2nd US Southern Green Canyon crude for June
4/10/2017 8:49:06 AM
SEOUL (Reuters) -- Hyundai Oilbank, South Korea's smallest refiner by capacity, will receive its second cargo of US Southern Green Canyon crude in June, a company spokesman said on Monday.
The South Korean refiner has bought 1 MMbbl of the US heavy crude from Shell, the spokesman said, as weaker US oil prices and low freight rates have made the purchase of US crude more economical.
Hyundai Oilbank in February made its first purchase of the grade, from an area of the Gulf of Mexico, to arrive in May, according to three trade sources. The spokesman said the company has bought a total of 2 MMbbl of Southern Green Canyon crude for arrival in May and in June from Shell for $100 MM.
Reporting by Jane Chung; Editing by Joseph Radford
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