Hyundai Heavy Sells Oil Stake to Saudi Aramco
South Korean shipyard Hyundai Heavy Industries sells its share of oil refinery Hyundai Oilbank to Saudi Arabian oil giant Saudi Aramco.According to a press release, Saudi Aramco’s subsidiary, Aramco Overseas Company B.V (AOC) will purchase a 17% stake in South Korea's Hyundai Oilbank…
S.Korean Refiners Step Up U.S. Spot Crude Purchases
S.Korean refiners step up spot crude purchases; Mideast crude make up 77.7 pct of imports, lowest since 2004. South Korea's purchases of sweet crudes from the United States and Africa are growing as its refiners snap up spot cargoes to replace more expensive Middle East grades…
GS Caltex Buys Rare Canadian Crude Cargo
300,000 bbl Cold Lake crude to arrive in 2nd half of February. South Korean refiner GS Caltex Corp has bought a rare cargo of Cold Lake crude, the company's first purchase in more than two decades of this Canadian oil grade, a company spokesman said on Monday.
S.Korean Refiners Look to Cash in on 2020 Mandate
Three refiners to spend more than $5 bln to upgrade or add units. South Korean refiners are planning to spend over $5 billion on plant upgrades in response to tighter rules on shipping fuel, boosting production of low-sulphur fuel oil as well as other high-end products.
South Korea Increasingly Looks to Buy Brent Crude Oil
Seek more oil from Europe, Africa; Brent-Dubai spread narrowest since August 2015. Oil buyers in South Korea are expected to take advantage of relatively cheap Brent against Dubai and step up purchases of low-sulphur crude in early third quarter…
Iran Oil Exports, Fueled by Condensate, at Pre-Sanctions High
Crude, condensate sales to hit 2.8 mln bpd in September. Iran's total crude oil and condensate sales likely reached around 2.8 million barrels per day in September, two sources with knowledge of the matter said, nearly matching a 2011 peak…
Asian Oil Refiners Cut Output to Fight Oversupply, Low Margins
Oil refiners in Asia are processing less crude as they grapple with margins that plunged to five-year lows after the region was flooded with supply of refined products and as slowing economic growth hits demand for fuels. Asian refiners…
S. Korea Boosting Condensate Imports from Iran
South Korea, Asia's largest buyer of condensate, will step up purchases of the ultra light oil from Iran by more than 50 percent in June, two sources said, as competitive pricing squeezes out rival oil from Qatar. Expected June shipments…
S.Korea Plans to Boost Iran Oil Imports
South Korea plans to boost imports of Iranian oil, especially condensate, this year to meet growing demand after sanctions on the Islamic nation were lifted in January. The world's fifth largest importer of crude is also a big buyer of condensate…
Hyundai Heavy: Hyundai Oilbank IPO an Option
South Korea's Hyundai Heavy Industries said on Wednesday it was not considering selling its refinery unit Hyundai Oilbank, but may list it if market conditions improve. The loss-making shipbuilder said nothing had been decided. Maeil Business…
South Korea's Hyundai Oilbank at Full Capacity
South Korea's Hyundai Oilbank is running its 390,000 barrels per day (bpd) refinery in Daesan at full capacity to prepare for peak winter demand, industry sources said on Tuesday. "(The refinery) is running at full capacity because of preparation…
GS Caltex Buys Rare West African Crude Cargo
GS Caltex to buy 920,000 barrels of West African crude; first West African shipment in almost a year. South Korea's GS Caltex Corp is set to receive its first shipment of West African crude in almost a year as the country looks to diversify supply away from the Middle East.
North Asian Refiners Slash Spot Prices on Weak Demend
Competition from US shale leaves naphtha margin at 26-month low; North Asian refiners sell gasoil, naphtha at deep discounts. Refineries could make run cuts if margins continue weak. North Asian refineries are slashing spot prices of most…
SK Lubricants Starts Operations in Spain
South Korea's SK Lubricants Co Ltd said on Monday it has started commercial operations at a 330 million Euro ($413 million) lubricant base oil joint venture in Spain with Repsol. The plant has a capacity to produce 13,300 barrel-per-day (bpd) of lubricants base oil…
South Korea Iran Oil Imports Drop in March
South Korea's oil imports from Iran fell 76 percent in March from a month earlier as one of the two Korean refiners that import the crude started a shutdown for maintenance, according to Korean customs data and a refining source. South Korea imported 274…
