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
SFTF has since appointed auditors to conduct assessments at the recently inaugurated IMEC-ITF safe quarantine processes and facilities in Manila, Philippines.
Early positive vaccine news has already led to signs of this — the price of 0.5pc fuel oil in Rotterdam has increased by more than $100/t since the start of November, it said.
‘Regulations have to adapt with technologies, along with fuels, along with commercial measures. All of this has to come together now,’ says a panellist.
‘The current specifications were developed for the high sulphur bunker fuels of the past and do not yet necessarily address performance issues with the newer VLSFOs and/or ULSFOs,’ says spokesman.
Developing ultra-high energy conversion and renewable energy propulsion to lower emissions and bunker costs.
VLSFO percentage within total fuel oil sales increased from 1.8% in September to 51.6% in November.
Session will provide insights on bunker quality issues from a bunker supplier, shipping company and surveyor, as well as providing insight and guidance on legal and dispute resolution issues.
Gealubes Consulting & Trading, the authorised marine business distributor of PANOLIN EALs at Singapore port, shares a two-part education series on Environmentally Acceptable Lubricants on Manifold Times.
Danny Lee Chee Keong was sentenced to nine months’ imprisonment over the theft of MFO from the Consort Bunkers owned and operated bunker tanker at the sea off Eastern Petroleum ‘B’ anchorage.
‘Metcore’s MFM+ Program exemplifies serious oil suppliers and buyers who advocate fair trading using a recognised and widely-accepted technology,’ highlights Darrick Pang, Managing Director of Metcore.
‘The victim is Consort Bunkers Pte Ltd, the owner of the Pearl Melody,’ states the joint statement of facts (SOF) document obtained by Singapore bunkering publication Manifold Times.
Between November 2016 and October 2017, Mr Tan falsified at least 20 invoices and submitted these invoices to UOB and OCBC, according to court documents obtained by bunkering publication Manifold Times.
