Korea National Oil Corp. purchased 100,000 barrels of gasoline in an auction for the first time since it was commissioned by the government to take part in the country’s retail market for oil products.
The fuel is scheduled to be delivered to Ulsan, a port on the southern tip of the Korean peninsula, in the fourth week of this month, said Kelvin Han, a spokesman at the Anyang, South Korea-based company, by phone today.
The purchase is part of the government’s plan to supply 200,000 barrels of oil products by the end of this year to independent gas stations that aren’t associated with Korea’s four oil refiners, he said, giving no details on suppliers and other terms.
The state company will hold another auction to buy the remaining 100,000 barrels of oil products once it sells out of this volume, he said.
To contact the reporter on this story: Sangim Han in Seoul at email@example.com