Asia/Pacific News
Hyundai Oilbank Starting Low-Sulfur Supply in Korea
South Korean refiner Hyundai Oilbank (Hyundai) will begin selling low-sulfur bunker fuel on the country's west coast starting in March, Platts reports.
Demand for fuel oil with a maximum sulfur content of 1 percent has grown since August 1, 2012, when a new International Maritime Organisation (IMO) sulfur limit for the North American Emission Control Area (ECA) went into effect.
Platts estimate the country's low-sulfur bunker market at about 35,000 metric tonnes (mt) per month, with SK Energy and GS Caltex currently supplying the fuel.
Altogether, the country has 700,000 mt per month of bunker fuel sales.
Hyundai plans to sell about 5,000 mt per month of the new product, out of 120,000 mt in total monthly bunker sales.
Hyundai operates a 390,000 barrels-per-day (bpd) refinery in Daesan.
Earlier this month, Hyundai bought 30,000 mt of 380 cSt high sulfur fuel oil from Singapore in an effort to increase bunker sales in South Korea after its sales fell in 2012.
