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SK Innovation

SK Innovation

Industry: 
Energy
Country: 
South Korea
Sources: 

"South Korean refiners SK Innovation Co. and Hyundai Oilbank Co. resumed shipments after Iran offered its own vessels." (Bloomberg, "South Korea’s Oil Imports From Iran Rise 24% From a Year Earlier," 1/14/2013)

 

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"SK Innovation Co. took delivery of an oil shipment on Oct. 2 in Ulsan, Yoo Jung Min, a spokesman at South Korea’s largest refiner, said last month." (Bloomberg, "Iran Oil Tanker Signals for Daesan as Korea Continues Importing," 11/6/2012)

 

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"South Korean refiners will resume imports of up to 200,000 barrels per day of Iranian crude from September, economy ministry sources said on Monday, ending a two-month gap due to a European Union ban on insurance cover for Iranian oil . . . Total imports envisaged at resumption will be six million barrels per month, or 200,000 bpd. SK Energy will import four million barrels per month and Hyundai Oilbank will import two million barrels per month, the economy ministry source added. This is the volume refiners agreed in term contracts with Iran for this year . . . A spokesman at SK Innovation, which owns SK Energy, told Reuters last Friday that the talks with Iran were progressing well, and the refiner expected to resume the imports around September loading." (Reuters, "S.Korea to resume Iran oil imports from Sept -econ min sources," 8/20/12)

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"Iranian officials have offered accident insurance coverage worth a maximum of $1 billion for Iranian tankers shipping Iranian crude oil to South Korea, a Hyundai Oilbank official, who declined to be named, said Wednesday. Hyundai Oilbank and SK Innovation (096770.SE), which fully owns the nation's other refiner, SK Energy, are considering Iran's offer, officials from both companies said. Both companies imported crude oil from Iran until European Union sanctions that took effect July 1 effectively cut off insurance on Iranian crude shipments July 1 . . . The South Korean refiners are considering using the ships of NITC, or National Iranian Tanker Co., they said . . . A government official who asked not to be identified told Dow Jones Newswires earlier this week that government officials were leaning toward accepting the Iranian insurance proposal but that it was 'too early to say' whether it would be approved." (Nasdaq, "Iran Offers $1 Billion Insurance on Tankers to S Korea," 7/18/12)

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"SK Innovation Co., one of two South Korean oil refiners that import Iranian crude, said Tuesday that it hasn't decided whether to halt Iranian imports and is closely consulting with the government about the matter. SK Innovation fully owns SK Energy, the country's largest oil refiner, which relies on Iran for around 10%-15% of its crude-oil imports." (The Wall Street Journal, "Official: South Korea Has No Plans To Halt Iran Crude," 5/22/2012)