SK seeks to boost lubricants business in Europe

SK Group is seeking a bigger presence in the European markets for its lubricants business affiliate. Group Chairman Chey Tae-won , along with SK Lubricants CEO Choi Kwan-ho and SK G&G President Yoo Jung-joon, visited Repsol YPF Chairman Antonio Brufau last week in Madrid, Spain, and agreed to cooperate in a variety of areas. The two companies have begun to build a joint venture lubricating base oil plant at Repsol’s Cartagena refinery in June last year. Completion of the plant construction is expected by 2014. The plant will produce 12,000 barrels per day (bpd) of Group III base oils. SK Lubricants, which operates two base oil plants in Ulsan, North Gyeongsang Province, currently produces 4,000 barrels per day of Group II and 17,000 barrels per day of Group III base oils. In addition, SK has a joint venture base oil plant with PT Pertamina in Indonesia which produces 7,000 barrels per day of Group III base oils. (November 7,2011)