Hyundai Oilbank News

Palantir Technologies signed a deal valued at $20 million over five years to expand its partnership with South Korea's Hyundai Heavy Industries Group, one of the world's largest shipbuilding conglomerates. The conglomerate's shipbuilding affiliates including Hyundai Heavy will use Palantir's operating system, known as Foundry, to strengthen data-driven decision making, said Palantir's Chief Operating Officer Shyam Sankar.Companies in the export-driven economy, faced with supply chain snarls and volatility for raw material prices…

China’s imports of light cycle oil (LCO) are set to fall in coming months as authorities crack down on its illicit trading and sales in South China, dealing a blow to the $10 billion market and to refiners in top supplier South Korea.China’s imports of the cheaper but more pollutive diesel blending fuel nearly doubled to record levels in 2020, but a clampdown in top oil consuming Guangdong province has curbed demand.The amount of South Korean LCO, a refinery by-product, to be loaded for shipment to China in May is down 60% from March while spot premiums have halved…

RSC Bio Solutions announced team expansions in several key geographic areas, as well as expanded distribution coverage. Hideki Tominga and Alhareth Shahen are joining as business development managers, Thomas TO is joining as a Technical Business Consultant, and Miranda Lo and Cherl Minot are coming on board in customer support functions. David Simpson has been promoted to lead global business development activities for the marine and offshore division.“We are proud to be playing a leadership role in developing innovative solutions to address the accelerating challenges heavy equipment and maritime operators face today,” said Mike Guggenheimer, President and CEO of RSC Bio Solutions.

South Korea's top shipbuilding conglomerate Hyundai Heavy Industries (HHI) Group said that its holding company HHI Holdings Co will receive 1.4 trillion won ($1.24 billion) in proceeds next month from the sale of a stake in its refining unit, Hyundai Oilbank.In April, state-owned Saudi Aramco had agreed to buy a 17 percent stake in HHIs oil processing operations.Hyundai Heavy Industries Holdings said in a regulatory filing that it had signed a sales agreement with Saudi Aramco that included an option for Aramco to buy an additional 2.9 percent stake in Hyundai Oilbank.According to a report in Korea Herald, Saudi Aramco recently told Hyundai Heavy that it has earned regulatory approval for the deal from antitrust regulators in various countries…

South Korean shipyard Hyundai Heavy Industries sells its share of oil refinery Hyundai Oilbank to Saudi Arabian oil giant Saudi Aramco.According to a press release, Saudi Aramco’s subsidiary,  Aramco Overseas Company B.V (AOC) will purchase a 17% stake in South Korea's Hyundai Oilbank, a subsidiary of Hyundai Heavy Industries Holdings.The investment is valued at approximately $ 1.25 billion, it said.AOC’s’s investment in South Korea’s Hyundai Oilbank will support Saudi Aramco’s crude oil placement strategy by providing a dedicated outlet for Arabian crude oil to South Korea.Abdulaziz Al-Judaimi, Saudi Aramco’s Senior Vice President of Downstream, said: “Saudi Aramco continues to strengthen its position in the downstream sector.

Resulting entity would control about 20 pct of global market; Daewoo shares rally 22 pct; Hyundai Heavy shares fall.Hyundai Heavy Industries, the world's biggest shipbuilding group, has announced a share swap deal worth 2.1 trillion won ($1.98 billion) to take over second-ranked Daewoo and create a global heavyweight controlling over 20 percent of the market.The move comes as the worldwide shipbuilding sector recovers from a global economic downturn that led to massive losses…

South Korea's Hyundai Heavy Industries Group, the world's biggest shipbuilder, is interested in buying a stake in second-ranked rival Daewoo Shipbuilding & Marine Engineering, a Hyundai official told Reuters on Wednesday.The comments follow the group's holding firm saying on Monday it planned to sell part of its stake in refiner Hyundai Oilbank to Saudi Aramco for as much as 1.8 trillion won.State-funded Korea Development Bank (KDB) holds a 55.7 percent stake worth 2.16 trillion won ($1.94 billion) as of Wednesday's closing price in Daewoo."Hyundai Heavy held talks to buy the Daewoo stake," th

South Korea's Hyundai Heavy Industries (HHI)  plans to raise about 1.29 trillion won ($1.2 billion) in an initial public offering (IPO)  and list its refining subsidiary Hyundai Oilbank. The report quoted the world’s second-biggest shipbuilder stating that Hyundai Robotics, the group’s holding company, has decided to list refining subsidiary Hyundai Oilbank in an IPO in the second half of 2018. The group also plans to issue 12.5 million rights shares, worth about 1.3 trillion won ($1.21 billion), by March. The two moves are part of the conglomerate’s efforts to improve affiliates’ financial soundness after switching to a holding company structure earlier this year, it said. Hyundai Oilbank, South Korea’s smallest refiner by capacity, is 91.1 percent owned by Hyundai Robotics.

IPO seen improving group's financial soundness, transparency; Group sees shipbuilding recovery starting 2019. South Korea's Hyundai Heavy Industries Group plans to list its refining arm Hyundai Oilbank in an IPO in 2018 and raise about $1.2 billion via a share issue by shipbuilder Hyundai Heavy Industries, in a move to bolster its finances. Hyundai Heavy Industries, the flagship company of South Korea's ninth-largest conglomerate, said on Tuesday that Hyundai Robotics, the group's holding company, has decided to list refining subsidiary Hyundai Oilbank in an initial public offering (IPO) in the second half of 2018. The shipbuilder also said it will issue rights shares worth about 1.3 trillion won ($1.21 billion).

Three refiners to spend more than $5 bln to upgrade or add units. South Korean refiners are planning to spend over $5 billion on plant upgrades in response to tighter rules on shipping fuel, boosting production of low-sulphur fuel oil as well as other high-end products. The refiners hope the investment, which comes ahead of the 2020 introduction of the new rules, will make them one of the biggest beneficiaries of the new regulations, with many competitors still waiting to commit to new spending. "Not many refiners are doing so. Korean refiners are investing proactively," said Hwang Yu-sik, an analyst at NH Investment & Securities. In 2016…

Hyundai Heavy Industries (HHI) has posted a net profit of KRW462.3bn ($409.6m) for the first quarter of 2017, making it the fifth consecutive quarterly profit for the group. This represents a surge of 90% from the previous corresponding quarter. However, sales fell 1.9 percent to 10.76 trillion won. HHI mainly attributes the whooping quarterly operating profit increase to 127.1 billion won operating profits from HHI’s Shipbuilding Division which is 251% up from the first three months last year. The strong earnings of shipbuilding business were attributable to an increased building volume of high value-added ships that HHI has competitive edge on, stabilization of manufacturing processes, and cost reduction efforts.

The South Korean shipbuilder Hyundai Heavy Industries (HHI) has reported a net profit of KRW 682.3 billion (USD 596.6 million) for the full year of 2016, returning from a loss of KRW 1.36 trillion (USD 1.18 billion) seen in the full year 2015. Operating profit for 2016 totaled 1.64 trillion won, up from a loss of 1.54 trillion won for 2015. HHI also announced consolidated 4Q 2016 results. During the October-December period of 2016 HHI racked up 10.3427 trillion won in sales and 437.7 billion won in operating profits, posting quarterly profits for four straight quarters. HHI attributed the profit to an increased volume of ships it won at profitable prices…

South Korea, Asia's largest buyer of condensate, will step up purchases of the ultra light oil from Iran by more than 50 percent in June, two sources said, as competitive pricing squeezes out rival oil from Qatar. Expected June shipments of condensate from Iran may reach at least six million barrels, or 200,000 barrels per day (bpd), said the sources. This would be a record level of imports, four times that in January when sanctions on Tehran were lifted, according to data from Korea National Oil Corp. In contrast, condensate imports from Qatar in April have fallen to 5.32 million barrels, down 19 percent from January, KNOC data showed.

According to a regulatory filing, Hyundai Heavy Industries (HHI) racked up 10.2728 trillion Korean won in sales for Q1 2016, a 7.8 percent decline from the previous quarter while operating income swung to a profit of 325.2 billion won, putting an end to a nine-quarter losing streak. The officer added, “We see the 1Q 2016 consolidated earnings have not deviated much from the annual performance goal we set up early this year. HHI also attributes the turnaround to a series of drastic…

South Korea plans to boost imports of Iranian oil, especially condensate, this year to meet growing demand after sanctions on the Islamic nation were lifted in January. The world's fifth largest importer of crude is also a big buyer of condensate, a super light oil that can be processed into fuels and petrochemicals. Iran's return would help ease tight condensate supply in a market dominated by fellow OPEC producer Qatar. "We will increase oil and natural gas (liquids) imports from Iran, especially Iranian condensate," South Korea's trade and energy ministry said on Tuesday. Iran is exporting 100,000 barrels of oil a day to South Korea, one of its main crude customers, and hopes to double that figure by the end of 2016, Oil Minister Bijan Zanganeh was quoted as saying on Monday.

Mideast crude freight to Japan highest since 2010. North Asian refiners have snapped up Russian crude oil loading in the last two months of this year to meet peak winter demand as Middle East and West African grades have become more costly after freight rates hit multi-year highs, traders said on Thursday. The freight rate for chartering Very Large Crude Carriers (VLCC) plying the key Middle East to Japan route <DFRT-ME-JAP> and the West Africa to China route are at the highest in more than five years, prompting refiners to look at crude within Asia and from nearby sources such as Russia. "The spike in freight rates pushed up the regional crude market," said a Singapore-based trader.

GS Caltex to buy 920,000 barrels of West African crude; first West African shipment in almost a year. South Korea's GS Caltex Corp is set to receive its first shipment of West African crude in almost a year as the country looks to diversify supply away from the Middle East. The purchase will help soak up a glut of supply among West African producers, who have been hit as the U.S. shale oil boom curbs demand in what was once their main market and as OPEC Gulf states boost supply. Middle Eastern producers have raised their selling prices to Asia in recent months following solid demand in that region, prompting some buyers to try to broaden their sources of supply, with GS Caltex already turning to Mexico for crude.

A joint venture company formed by Shell and Hyundai Oilbank, has inaugurated a new base oil manufacturing plant in Daesan, South Korea. The plant has the capacity to produce approximately 13,000 barrels per day or 650 kilotonnes of API Group II base oils per year. (Base oils are the key component of finished lubricants, making up on average of 60-80% of the end product). Mark Gainsborough, Executive Vice President for Shell Lubricants, said: “As the demand for higher quality lubricants is on the rise in Asia, the region is shifting away from Group I base oils towards increased use of Group II and Group III base oils. The plant was built to capture the growing demand for Group II base oils in Asia.