Captain Tsitrelis Ioannis and the 26-strong crew of the Malibu arrived at Ulsan in early August after sailing almost 9,000 nautical miles to deliver a million barrels of Kazakh CPC crude from the Black Sea to South Korea, one of the key buyers in the world’s biggest oil market.
Another cargo of light oil, which is less sulfurous than heavier grades, is set to arrive in a couple of months at Ulsan from even farther away the U.S. to be processed by SK Innovation Co., South Korea’s top refiner. The two shipments are part of a stream of similar varieties flowing to Asia as companies look to process the kind of crude that yields more diesel to capitalize on surging demand for the fuel.
Last month, profit margins from making diesel in Asia touched the highest since November 2015, contrary to expectations for a typical seasonal drop in demand during this time of the year due to monsoon rains. The unusual gains have been driven by higher imports of cleaner diesel by India after the government imposed new quality standards and as China uses more to feed the expansion of its construction and industrial sectors.
“There’s no reason not to buy more,” Kim Wookyung, a spokeswoman at SK Innovation, said by phone from Seoul. “The margins of these fuels are pretty high.” Read More…
Credit By : The Financial Express
Latest posts by The Financial Express (see all)
- Infrastructure Boost: From Nitin Gadkari Saving Rs 3 Lakh Cr Of Bad Loans, Power Rates In Up To Era Of Black Gold Being Over, What You Must Know – August 16, 2017
- Road Sector Alone Saved Rs 3 Trillion Worth Of Loans, Says Nitin Gadkari – August 11, 2017
- Mid-Term Expenditure Framework: Government Projects Petroleum Subsidy Falling To Rs 10,000 Crore In FY20 – August 10, 2017