Hyundai Corporation signed a 600 million US dollar (approximately 668billion KRW) crude oil supply contract in Guam.

Hyundai Corporation concluded a crude oil supply contract at the Guam Power Authority (GPA) Harmon headquarters in the morning of the 9th of this month. President Kim Jungrae of Hyundai Corporation, Joaquin C. Flores, P.E., GPA General Manager, and Simon Sanchez, II, Chairman of the Consolidated Commission on Utilities (CCU) were present during the signing of the contract.

Through this contract Hyundai Corporation will annually supply around 3,000,000 barrels of fuel oil to GPA over a period of 2 years, from September 2013 to August 2015. The quantity of oil to be supplied constitutes the entire fuel oil supply necessary for electric power production for Guam, and its supply can be extended up to another three one year-annual contracts subject to mutual agreement.

Hyundai Corporation was selected as the final candidate by the approval of the Guam CCU last July, after undergoing intense competition withVitol, a multinational petroleum corporation and Petrobras, Brazil’s leading fuel supply business.

The conclusion of this contract holds even greater significance, having taken place amidst increasing fluctuation in global raw material prices in the recent global recession.