By September 23, 2016 Read More →

S.Korea’s GS Caltex buys Eagle Ford crude for November arrival

Eagle Ford

For the first time, South Korea’s GS Caltex Corp. has purchased Eagle Ford crude.

Eagle Ford crude similar to crude Caltex using

SEOUL, Sept 23 (Reuters) – South Korea’s GS Caltex Corp has bought U.S. Eagle Ford crude for the first time, a spokesman said on Friday, highlighting the increasing global reach of U.S. crude supplies since the country lifted its export ban last year.

GS Caltex, equally owned by Chevron Corp and GS Energy, made its first purchase of 1 million barrels of the U.S. crude, which will arrive in November, the spokesman said.

“We bought (Eagle Ford crude) because it is similar to the crude grade we’ve been using and the price was economical,” he added.

(Reporting By Jane Chung; Editing by Christian Schmollinger)

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