SK Trading International (SKTI), the export and petroleum trading subsidiary of SK Innovation, on Sunday (7 July) said it is planning to expand its low sulphur fuel oil (LSFO) blending business by four times to about 40,000 per day in 2020.
"We plan to strengthen our market leadership by raising the low-sulphur heavy oil business to actively respond to the IMO 2020 regulation, which will be implemented from next year," said SK Trading International President Seo Seok-won.
The development will take place when SK Energy’s 130,000 barrels per day capacity vacuum residue desulfurization (VRDS) unit start operations from April 2020, it says.
“The International Energy Agency (IEA) forecasts that the demand for high sulphur heavy fuel oil will decline by about 40% from 3.5 million barrels a day to 1.4 million barrels next year, while the demand for low sulphur heavy fuel oil will increase from less than 100,000 barrels per day to 1 million barrels,” it said.
“Ship diesel is expected to increase from 0.9 million barrels a day to 2 million barrels a day.”
Photo credit: SK Trading International
Published: 8 July, 2019
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