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Chemoil South Korea May Build Storage Bunker to $ 3.5 billion Tap Market
Chemoil Energy Ltd., the world’s biggest independent supplier of marine fuel, is considering building a terminal in South Korea to tap $3.5 billion in demand from shipping lines in the Asian country.
Chemoil and South Korea’s Hanjin Group have jointly submitted an initial
project proposal to the local port authority for the construction of
the storage terminal to sell the fuel to ship owners at the port of
Busan at the southern tip of the peninsula, Chief Executive Officer
Clyde Michael Bandy said in Tokyo on Aug. 6.
Chemoil, with about 10 percent of the global bunker market, aims to
increase annual sales by as much as 15 percent from the current 16
million tons. Bandy, formerly president of Chevron Corp.’s bunker unit,
replaced Chemoil founder Robert Chandran after he was killed in a
helicopter crash in 2008.
“I think what is happening in Korea is a fundamental change of supply
and demand balance,” Bandy said in an interview. “Over the next few
years, as they start up more new secondary units, they are going to be a
net importer of fuel oil. That means oil brought in can be competitive
in the country.”
Bandy expects the terminal to have between 230,000 cubic meters and
250,000 cubic meters of storage. Other details haven’t been decided yet,
he said. The shareholders of Singapore-based Chemoil, led by Glencore
International AG with 51 percent and Itochu Corp. with 37.5 percent,
will review the plan, he said.
Reducing Output
Korean refiners built residue fluid catalytic crackers to process fuel
oil into lighter products after the premium of Middle Eastern light
grades over heavier crudes started widening in 2005.
SK Energy Co., the nation’s biggest refiner, opened a 60,000
barrel-a-day plant at its Ulsan complex in 2008. GS Caltex Corp., the
second-largest, has expanded the capacity of its No. 1 facility by 4.4
percent since 2008, and Hyundai Oilbank Co. plans to complete a 52,000
barrel-a-day refinery at Daesan, South Korea, next year.
South Korea’s high-sulfur fuel oil exports dropped 7.4 percent in the
six-month period ended June from a year earlier, according to data
compiled by the Korea Petroleum Association.
“What Chemoil has differentiated itself very well from our competitors
is that we have heavily invested in supply chain,” Bandy said.
Chemoil has 448,000 cubic meters of storage in Singapore, the world’s
largest bunker market, according to a presentation Bandy gave to
Japanese ship owners on Aug. 6. The company is building a terminal with
600,000 cubic meters of capacity in Fujairah, the world’s largest port
for oil tankers, in the United Arab Emirates.
Mitsui O.S.K.
Bandy held a seminar in Tokyo on Aug. 6 with executives from Glencore
and Itochu. The company aims to boost sales to Japanese shipping lines,
including the nation’s largest, Mitsui O.S.K. Lines Ltd., as its top
customers don’t include any shipping companies from Japan.
“Chemoil is not a trader anymore because they have their own physical
supplies,” said Joon Kim, a senior trader in Seoul at O.W. Bunker South
Korea. “That may attract many ship owners in the Korean market once
Chemoil builds the terminal.”
Fuel oil, used for ship and power generation, is what remains after
lighter oil products such as naphtha, gasoline and gasoil are distilled
from crude oil.
Hanjin Group includes the nation’s biggest carrier, Korean Air Lines
Co., and its largest shipping line, Hanjin Shipping Holdings Co.
Source: Bloomberg
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