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. The new plant will take SK Lubricants' total lubricant oil output to 70…
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. The write-off affects two exploration areas, Itaipu and Wahoo, which failed to deliver on oil volume expectations, and the Polvo field, both northeast of Rio de Janeiro in the Campos Basin, Maersk said.
