S.Korean refiners aim to benefit from 2020 shipping mandate

Refinery industry

Refiners in South Korea are planning to invest more than $5 billion in plant upgrades due to the 2020 global sulphur cap. The refiners expect to become one of the biggest beneficiaries of the new regulations whilst many competitors are still waiting to commit to new investments. According to Wood Mackenzie analyst Suresh Sivanadam, the changed regulations are leading to a rise in demand for gasoil from the bunker sector and would push other refiners to look at investments or blending to meet demand.

Read more here: Hellenic Shipping News

South Korea’s SK innovation invests in development of new desulphurisation unit

Oil refinery

SK Innovation, which owns South Korea’s top refinery SK Energy, plans to build a new desulphurisation unit in its 840,000 barrels per day refinery in the south-eastern city of Ulsan to produce cleaner fuels for the upcoming global sulphur cap in 2020. The investment amounts to almost $900 million. Cha Jinseok, head of SK Innovation’s finance division, said that the new unit is planned to start commercial operation in July 2020.

Read more here: Ship&Bunker