GS Caltex To Import Crude Oil from Mexico
D-Bo , March 9, 2015, 11:54 a.m.
GS Caltex will import crude oil from Mexico for the first time in 24 years. It has signed an agreement with the Latin American country's state-owned Pemex and plans to import 1 million barrels of oil by the end of March, a GS Caltex spokesman said on Sunday.
Oil refiners are looking for ways to reduce their dependence on Middle Eastern oil by diversifying their suppliers.
GS Caltex and SK Innovation imported 800,000 barrels and 400,000 barrels of Alaskan crude respectively last year. As no tariffs are imposed on Alaskan oil under the free trade agreement between Korea and the U.S., it is cheaper than Middle Eastern oil, even with transportation costs added in.