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
In total, 4.3 million mt of various marine fuels were sold at the world’s largest bunkering port in April, an increase from 4.11 million mt recorded for April 2020.
According to the notice by Gavin Mark McIntyre, the Director of the companies, Seshadri Rajagopalan and Paresh Jotangia will be the joint judicial managers.
Universal Alliance, BMS United, Digiland International, Goodwood Associates, Southernpec (Singapore), and Taigu Energy were involved in alleged circular fictitious trades of fuel oil during July 2015.
Christoffer Berg Lassen won recognised at the 20th S&P Global Platts Global Energy Awards.
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The Bunkerchain Pte Ltd and Helmsman LLC sponsored event will be moderated by Gabian Chew, Senior Editor of Singapore bunkering publication Manifold Times.
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‘The acquisition of PGI Industries will enhance VPS’ preventative maintenance services offered to the power sector, increasing protection and sustainability of the asset,’ says Malcolm Cooper, CEO, VPS.
A foreign vessel was involved in an alleged unauthorised STS incident with bunker tanker Pearl Melody on 5 June, Director and General Manager of Consort Bunkers tells Manifold Times.
14 Jun 2021
