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Hanjin announces oil and terminal agreements

Hanjin announces oil and terminal agreements

Seoul: Hanjin Shipping is to purchase 31.m treasury shares of S-Oil in conjunction with affiliates such as Korean Air and Korea Airport Service. The acquisition, subject to approvals by the Korean government, will see group subsidiary Hanjin Energy Co spend KRW 150bn ($157m) for 28.41% ownership of S-Oil.
"Hanjin Shipping is expected to benefit from the transaction by securing a stable supply of fuel from S-Oil, while seeking to cooperate with the oil company in order to provide transportation services to S-Oil in return," the group said in a statement.

Hanjin has also signed a memorandum of understanding with Saigon New Port Company for the joint development of a container terminal in Vietnam. The agreement is expected to accelerate the company's entrance into the Vietnamese logistics sector, which they believe will "serve as a hub port of the Southwest Region in the near future."

Hanjin president and ceo, J.W. Park (pictured) said, "the MOU will help lay a firm foundation for investment in terminal business in the newly emerging market.  The constant availability of berths is expected to help upgrade customer service with reduced logistics cost and improved schedule reliability".  [06/03/07]