Mexican state-owned oil giant Petroleos Mexicanos said it has reached an agreement with South Korea-based refinery company Hyundai Oilbank to sell it 5 million barrels of crude during the second half of 2015.
The Maya and Isthmus crude will be processed at Hyundai's refinery in Daesan, South Korea, Pemex said in a statement Thursday.
The contract was signed after Pemex made occasional shipments to the South Korean company thus far in 2015 amounting to roughly 6 million barrels.
Also included in the contract, signed by the head of Pemex's PMI Comercio Internacional oil trading arm, Jose Manuel Carrera, and Hyundai Oilbank CEO Moon Jong-bak, is an option for an additional oil shipment for an undetermined volume.
This agreement is part of Pemex's crude export diversification strategy, the Mexico City-based company said.