SK Energy, the oil refining subsidiary of SK Innovation, on Sunday (2 February) said it is ready to produce low-sulphur marine fuel from March 2020 as its vacuum residue desulphurisation plant was successfully completed as planned in late January.
The company invested more than 1 trillion won (USD $840 million) into the construction of the plant in the southern city of Ulsan. The plant is currently undergoing two months of test operations and once open, is estimated to produce 40,000 barrels of low-sulphur fuel oil per day.
“The low sulphur oil market will improve in the second quarter once the stockpile of oil by shippers are exhausted” says CEO Cho-Kyong Mok.
The company offered green bonds last year to fund this project. It is expecting an annual return of 200 to 300 billion won upon completion.
Related: SK Energy to offer green bonds for funding IMO 2020 refinery project
Related: SK Energy contracts Chevron Lummus Global for LSFO refining tech
Photo credit: SK Energy
Published: 10 February 2020
While using oil tankers for floating storage is not new, the current surge in demand due to COVID-19 and plummeting oil prices give rise to unprecedented challenges.
Keld R. Demant, CEO of Bunker Holding Group, tells Manifold Times how the firm managed a 16% improvement in EBT to $40 million despite a challenged bunker market.
Representatives of Veritas Petroleum Services, Maersk, INTERTANKO, ElbOil Singapore, and SDE International provide insight from their respective fields of expertise on what lies ahead.
Total bunker sales at Panama was 412,622 metric tonnes (mt) in October, compared to sales of 423,542 mt during the similar period in 2019.
There will be weekly calls to Port Vila, Nouméa, Lautoka, Suva, Nuku’alofa, Apia, and Pago Pago
Version 4.0 includes FAQs to assist the maritime community in complying with the requirements to conduct crew changes safely and responsibly, it said.
The top three positive movers in the 2020 bunker supplier list are Hong Lam Fuels Pte Ltd (+13); Chevron Singapore Pte Ltd (+12); and SK Energy International (+8), according to MPA list.
‘We will operate in the Singapore bunkering market from the Tokyo, with support from local staff at Sumitomo Corporation Singapore,’ source tells Manifold Times.
Changes include abolishing advance declaration of bunkers as dangerous cargo, reducing pilotage fees on vessels receiving bunkers, and a ‘whitelist’ system for bunker tankers.
Claim relates to deliveries of MGO to the vessels Pacific Diligence, Pacific Valkyrie, Pacific Defiance, Crest Alpha 1, and Pacific Warlock between March 2020 to April 2020.
3,490 mt of LSFO from Itochu Enex was lifted at Universal Terminal; the same bunker stem was bought by Global Marine Logistics and delivered by bunker tanker Juma to receiving vessel Kirana Nawa.
Representatives of Veritas Petroleum Services, Maersk, INTERTANKO, ElbOil Singapore, and SDE International provide insight from their respective fields of expertise on what lies ahead.
