April 10, 2017 / 12:51 AM / a year ago

Hyundai Oilbank buys 2nd US Southern Green Canyon crude for June

SEOUL, April 10 (Reuters) - Hyundai Oilbank, South Korea’s smallest refiner by capacity, will receive its second cargo of U.S. Southern Green Canyon crude in June, a company spokesman said on Monday. The South Korean refiner has bought 1 million barrels of the U.S. heavy crude from Shell, the spokesman said, as weaker U.S. oil prices and low freight rates have made the purchase of U.S. 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 million barrels of Southern Green Canyon crude for arrival in May and in June from Shell for $100 million.

Reporting by Jane Chung; Editing by Joseph Radford

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