Hyundai Oilbank leases oil storage in Vietnam

Hyundai Oilbank has leased oil storage in Ba Ria-Vung Tau in Vietnam to help boost its exports to Southeast Asia.
The South Korean company says in a statement that it plans to use the storage facility, which has 200,000 barrels of fuel storage capacity, as its export hub to penetrate further into Southeast Asia through direct sales and geographical advantage.
It aims to double its exports to Southeast Asia from about 300 million barrels and to export petrochemical and lube base oil products from 2021.
Southeast Asia’s oil demand is expected to surpass 9 million barrels per day by 2040.