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Biz News Korea(Eng)

GS Caltex becomes first Korean buyer of crude from mainland US

Collected: 2016.11.22

Distributed: 2016.11.23

Source: Go Direct

U.S. crude cargoes for GS Caltex Corp. are being unloaded at Yeosu Port. [Photo by: GS Caltex Corp.]

South Korea’s GS Caltex Corp. has bought U.S. Eagle Ford Crude for the first time, making it the first Korean oil refiner to import crude directly from mainland U.S. since the latter lifted its 40-year ban on oil exports in late last year.

Some Korean refiners had introduced U.S. condensate or Alaska North Slope (ANS) crude before the ban was lifted. GS Caltex said Monday that crude carrier “IZKI” carrying 1 million barrels of the U.S. crude arrived at Yeosu port on Sunday. The cargo will be unloaded by Tuesday. The firm plans to import extra 1 million barrels next month.

Eagle Ford crude, produced in Eagle Ford in Texas, is ultra-light crude with American Petroleum Institute (API) gravity between in 45 and 56 gravity. API gravity is a measure of how heavy or light a petroleum liquid is compared to water.

GS Caltex imported 400,000 barrels of U.S. condensate and 800,000 barrels of ANS crude in 2014, and another 400,000 barrels of U.S. condensate in March this year.

The Korean firm said that its recent purchase underscores the expanding global reach of U.S. crude supplies. Oil refiners in China and Japan are reportedly racing to buy U.S. crude.

An official at GS Caltex said that cheaper West Texas Intermediate, a decline in global petroleum transport cost and cost-saving effects from transporting with Mexican crude led to its cost effective purchase of U.S. crude.

By Jung Wook

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