Pemex Sells Crude Oil to South Korea

Pemex Sells Crude Oil to South Korea

Mexican national oil company Petróleos Mexicanos (Pemex) announced on Monday that it has begun crude oil exports to South Korea.

The company said it will ship 5 million barrels of oil to the Asian country in 1-million barrel shipments between January and April. Of this total, 80 percent will go to South Korean refinery company Hyundai Oilbank, while the remaining 20 percent is being purchased by petrochemicals company GS Caltex Singapore, which has a refinery in South Korea’s port city of Yeosu Pemex stated in a release.

GS Caltex has said its purchase was made to take advantage of low crude prices on the spot market amid the global oil price slump.

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