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S.Korea's GS Caltex, Hyundai Oilbank win tenders to supply gas stations
July 14, 2015 / 10:14 AM / in 2 years

S.Korea's GS Caltex, Hyundai Oilbank win tenders to supply gas stations

SEOUL, July 14 (Reuters) - South Korea’s GS Caltex Corp and Hyundai Oilbank Co Ltd have won tenders to supply fuels for two years to more than 1,000 gas stations nationwide that compete with stations run by the country’s major refiners, Korea National Oil Corp (KNOC) said.

The KNOC and the National Agricultural Cooperative Federation issued tenders jointly to help 1,146 low-cost private and public gas stations sell more cost-competitive fuel than stations run by the refiners.

The government hopes this will help keep a lid on inflationary pressures.

The two refiners GS Caltex and Hyundai Oilbank will supply a combined 1.2 billion litres, or 7.55 million barrels, of fuels a year from Sept 1, 2015 to Aug 31, 2017, made up of gasoline, diesel and kerosene, KNOC said in a statement. A KNOC official did not disclose any prices and said the volume breakdown per fuel was not available.

Separately, KNOC and the federation had sought to buy 1.2 million barrels of gasoline a year and 800,000 barrels of diesel a year in other two-year supply tenders.

They passed on the gasoline tender, which attracted just a single offer, while they awarded the diesel supply tender to Hyundai Oilbank for the period Sept 1, 2015 to Aug 31, 2017, a separate KNOC statement said. (Reporting by Meeyoung Cho; Editing by Neil Fullick)

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