S.Korean Refiners Post Record H1 Losses
Two refiners in South Korea, the world's fifth largest crude oil importer, posted their biggest losses ever in the first half when oil prices slumped as the COVID-19 pandemic ravaged fuel demand.SK Innovation Co Ltd, owner of South Korea's top refiner SK Energy, reported on Wednesday a second-quarter operating loss of 440 billion won ($367 million), taking its first-half losses to 2.2 trillion won.
Asian Refiners Strive to Finish IMO Preparations
At SK Energy's largest refinery in South Korea, engineers are rushing to complete a new processing unit ahead of schedule as the firm looks to boost sales of low-emission fuels before new marine fuel standards take effect in just one month.In Japan, the country's second-biggest refiner Idemitsu Kosan Co is taking a more cautious stance, increasing capacity for low sulphur fuel oil (LSFO)…
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, multiple sources from the country's oil industry said on Friday.
U.S. Crude Liftings for Asia to Hit New High in July
Asia's U.S. crude imports hit all-time high in May as WTI discount to Brent falls to widest in three years. The volume of U.S. crude oil arriving in Asia is expected to hit a new high in July as Asian refiners sought arbitrage supplies to replace Middle Eastern crude after prices for Gulf grades rose, traders said on Wednesday. U.S. crude…
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. The refiners hope the investment, which comes ahead of the 2020 introduction of the new rules…
Asia Buyers Turn to U.S. for Cheap Crude
Traders send more U.S. crude to Asia on wide WTI-Brent spread; but China accounts for bulk of region's crude imports from U.S. Asia is set to ramp up crude oil imports from the United States in late 2017 and early next year, with buyers searching out cheap supplies after hurricanes hit U.S. demand for the commodity at a time of rising production in the country. As many as 11 tankers, partly or fully laden with U.S.
Asian Traders Mull U.S. Crude Liftings in Harvey's Wake
Harvey closed nearly a quarter of U.S. refining capacity; helping to push WTI-Brent spread to widest in two years. Some oil traders in Asia are looking to snap up crude cargoes from the United States after Hurricane Harvey closed U.S. refineries, denting local demand and pushing out the price spread between U.S and Atlantic Basin crude benchmarks. Hurricane Harvey barrelled into the U.S.
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, reducing demand for the Middle East oil, four refining sources said on Friday. Refiners in the…
SK Innovation to invest $2.5 bln to boost growth
SK Innovation Co Ltd, which owns South Korea's top refiner SK Energy, said on Sunday it will spend up to 3 trillion won ($2.49 billion) in chemicals, oil exploration and battery businesses to boost its global growth. Kim Joon, president of SK Innovation, said in a statement that the investments would target new growth options and innovate its business, even though 2017 is expected to be a tough business environment.
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 typically increase utilisation rates from July after carrying out regular maintenance in the second quarter…
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 of condensate from Iran may reach at least six million barrels, or 200,000 barrels per day (bpd), said the sources.
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, a super light oil that can be processed into fuels and petrochemicals. Iran's return would help ease tight condensate supply in a market dominated by fellow OPEC producer Qatar.
EU-bound Jet Fuel Stays at Sea
Tankers anchored off Europe, extend voyage seeking buyers; outlook dim as imports to the region rise. A jet fuel market in Europe saturated by imports from Asia and the Middle East has forced sellers to keep their oil offshore on tankers or chose longer voyages as they seek out buyers. Jet fuel and diesel stocks in Europe have been steadily…
Peru Postpones Bidding on Oil Blocks Amid Price Collapse
Peru will hold off on launching an international auction for 25 oil blocks in the first half of 2015 as energy companies grapple with low crude prices, the country's Energy and Mines Ministry said Friday. The South American nation had planned to open bidding on the rights to develop 19 Amazonian oil blocks and another six offshore blocks in the first half of 2015.
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 oil products to multi-year lows to get rid of high inventory as they battle weak regional demand and competition from a booming U.S. shale market, industry sources said.
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, according to SK Lubricants, which is owned by SK Innovation Co Ltd. SK Lubricants holds a 70 percent stake and Repsol has a 30 percent stake in the venture.
Middle East Crude Softer as DME Premium Falls
The Middle East crude market softened on Monday, with DME Oman's premium to Dubai swaps falling for an eighth session in a row. Trade in September-loading barrels will begin this week, with traders expecting lower demand compared with the previous month. Brent's narrowing premium to Dubai crude also made Dubai-linked grades less attractive, with some Asian refiners looking to buy arbitrage North Sea arbitrage cargoes.
Maersk Taking $1.7b Charge on Brazil Assets
Full-year underlying profit guidance unchanged; writedown raises questions over company's oil strategy. Danish oil and shipping group A.P. Moller-Maersk moved to shrink its Brazilian petroleum operations on Tuesday, selling its stake in its only producing Brazilian oilfield and saying it will write off $1.7 billion of investments in the country.
Four Groups Bid to Build Uganda's First Refinery
Companies from China, Japan, South Korea and Russia have submitted bids to finance, build and operate Uganda's first oil refinery, the energy ministry said on Wednesday. Uganda's oil reserves were found in 2006 and the country has estimated them at 3.5 billion barrels. But development has been delayed partly by a debate between the government…
Asia Distillates: Gasoil Firms as Vitol, Glencore Buy
Asia's cash premium for benchmark 500ppm gasoil stayed firm on Friday as a buying spree in the Singapore cash market continued with a total of 10 deals for 500ppm gasoil, with Vitol and Glencore buying most of the cargoes. Buying interest in the Singapore cash market would likely continue for a while, traders said, although it was not immediately clear where the cargoes will head to.
