Asia/Pacific News
South Korean Refiners Mull Legal Action over OW Bunker Losses
Two South Korean refiners have said they are considering legal action after being left with outstanding balances following the bankruptcy of OW Bunker, Reuters reports.
SK Innovation Co. Ltd (SK Innovation), said to be the owner of South Korean refiner SK Energy, revealed it is looking at a legal resolution to its situation.
"We are considering all possible legal actions… We don't have exact schedules over legal actions, though," said a spokeswoman for SK Innovation.
The spokeswoman did not reveal the size of potential losses.
Another South Korean refiner, GS Caltex Corp., said it too was considering legal action.
A spokesman for the joint venture between GS Holdings Corp. and Chevron Corp. declined to offer further details.
The news comes amid other reports today that claims against OW Bunker could exceed $300 million.
According to the report, South Korea exports around 700,000 tonnes of bunker fuel per month.
Earlier this year, two of South Korea's smaller refiners were said to be buying bunkers on the spot market after cutting production volumes.
