South Korean oil refinery SK Innovation and Japanese oil and energy company JX Nippon have decided to strengthen their partnership to meet the structural challenges encountered by the global oil and petrochemical industries, according to Korean media reports.
In a recently held meeting in Tokyo, the high level officials of both the companies discussed joint measures to cope with the complications faced by the Asian refining industry. Cooperative measures to meet conditions like volatility in crude prices, decrease in global demand for oil products, and rising refining capacities in China and the Middle East were among the issues discussed.
The companies together operate 2 joint ventures, Ulsan Aromatics, and Yubase Manufacturing Asia Company. Yubase Manufacturing Asia manufactures lubricant oil utilising SK Energy’s Ulsan complex. Ulsan Aromatics produces paraxylene and exports over 90 per cent of its products to international market.
The revenue for the second quarter ending June 30, 2015 of SK Innovation was KRW 12.998 trillion ($ 11.08 billion), up by 8 per cent from the previous quarter. The operating profit for the second quarter stood at KRW 987.9 billion, increased by 208 per cent from KRW 321.2 billion ($ 273.06 million), quarter-on-quarter. (HO)