Hyundai Oilbank, the refinery arm of Hyundai Heavy Industries, has leased an oil terminal in the southern Vietnamese coastal province of Ba Ria-Vung Tau to expand its presence in the Southeast Asia market.
The terminal, situated about 80 km from Ho Chi Minh City, has a capacity 200,000 barrels of petroleum products and it can accommodate large crude carriers.
Hyundai Oilbank said the terminal will serve as its export hub for Southeast Asia, as it aims to explore markets in countries in the region including Vietnam, Cambodia and Laos.
According to the company, it plans to double its exports from the current 3m barrels next year and it will also export export petrochemical and lubricant products from 2021.
Shipbroking sources report that South Korean owner H Line has acquired the newbuild VLCC Ghillie from Hartree Partners and has chartered it to Hyundai Oilbank for five years at a rate of $45,000 per day.