Hyundai, Pertamina sign deal

SEOUL (Antara): South Korea's Hyundai Merchant Marine Co. has signed a contract worth US$40 million to transport oil for the Indonesia's state oil company Pertamina, a company spokesman said here yesterday.

Hyundai will transport oil products such as gas oil for the state-run company for 10 years, spokesman Kim Hong-in was quoted by UPI as saying.

Hyundai will also build a 17,500-ton oil tanker to be used to ship the oil products, due for completion by 1998.

Hyundai won a 12-year contract from the same company last year to transport oil using a 30,000-ton oil tanker.

Hyundai Merchant Marine is a subsidiary of Hyundai Group, South Korea's second largest conglomerate in net assets.