Hyundai Oilbank

South Korea



Privately-owned Hyundai Oilbank holds a 20 percent share of South Korea’s light fuel oil market, according to the company’s website (Hyundai Oilbank Website, accessed July 19, 2013).

In August 2010, Hyundai Heavy Industries was approved to buy a controlling 91.13 percent stake in Hyundai Oilbank, according to The Wall Street Journal (The Wall Street Journal, August 10, 2010).

Date: Ongoing

Deal: Hyundai Oilbank has continued to purchase Iranian crude oil. In fall 2012, Reuters reported that Hyundai Oilbank lifted 2 million barrels of Iranian crude, after the South Korean government announced in June 2012 that it was halting Iranian crude imports as a result of EU sanctions (Reuters, September 20, 2012).

Bloomberg reported that Hyundai Oilbank had resumed importing Iranian crude after Iran offered to ship the oil on its own vessels (Bloomberg, January 15, 2013).

Iranian news agency, Press TV, reported that Hyundai Oilbank is one of only two South Korean companies that continues to import crude from Iran as of June 2013 (Press TV, July 16, 2013).

In June 2013, Reuters reported that the South Korean government unofficially instructed the two South Korean oil refiners that import from Iran, including Hyundai Oilbank, to cut Iranian imports by 15 percent over the next six months (Reuters, June 24, 2013). The 15 percent reduction was met by November 2013, according to Reuters (Reuters, November 15, 2013).

Ties with the U.S.:

According to, Hyundai Oilbank has received over $348 million in U.S. contracts from Department of Defense and Department of State between 2001 and 2014 (, accessed June 23, 2014).

Last Updated: July 9, 2014