Hyundai Oilbank to enter Vietnam energy market in 2013

South Korea’s Hyundai Oilbank Co. Ltd. plans to officially set up a legal entity in Vietnam late next year, a senior official said.
Moon Jong Bak, executive vice president, told the Thoi Bao Kinh Te newspaper that the company sought to invest in the oil refinery, petrochemical, lubricant, oil storage and other energy-related sectors in Vietnam.
He said Hyundai Oilbank has been supplying petroleum products to Vietnam for the past 15 years.
“We want to change our role from supplying petroleum products to Vietnam to directly supporting the country to develop its energy industry,” the vice president said.
Seoul-based Hyundai Oilbank is a subsidiary of the Hyundai Group. It has a representative office in Vietnam, and it set up two new branches in Shanghai and in Dubai last year.