South Korea: GS Caltex and Hyundai Oilbank to supply over 1,000 gas stations
South Korea's GS Caltex Crop and Hyundai Oilbank Co. Ltd have won tenders to supply fuel to over a 1,000 gas stations across the country for two years, in an effort to help small retailers compete with market leaders, reported Reuters.
In a joint campaign, Korea National Oil Corp (KNOC) and the National Agricultural Cooperative Federation issued tenders to assist 1,146 small fuel retailers trade a more competitive fuel than competitor gas stations run by South Korea´s major refineries.
GS Caltex and Hyundai Oilbank will be responsible for supplying a combined amount of 1.2 billion litres (7.55 million litres) of gasoline, diesel and kerosene per year, from September 1, 2015 to August 31, 2017. According to Reuters, KNOC has not disclosed the amount that will be paid for the distributed fuels.
Hyundai Oilbank has been awarded another two-year supply tender for an extra 800,000 barrels of diesel a year, for the same period from September 2015 to August 2017, announced KNOC.
